US Bancorp DE lowered its stake in Hormel (NYSE:HRL) by 1.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,020,204 shares of the company’s stock after selling 26,107 shares during the quarter. US Bancorp DE owned 0.38% of Hormel worth $69,335,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of HRL. Dorsey & Whitney Trust CO LLC raised its position in Hormel by 1.5% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 244,963 shares of the company’s stock worth $8,407,000 after acquiring an additional 3,550 shares during the period. Pittenger & Anderson Inc. raised its position in Hormel by 9.2% in the first quarter. Pittenger & Anderson Inc. now owns 51,125 shares of the company’s stock worth $1,755,000 after acquiring an additional 4,315 shares during the period. LS Investment Advisors LLC raised its position in Hormel by 6.0% in the first quarter. LS Investment Advisors LLC now owns 96,427 shares of the company’s stock worth $3,309,000 after acquiring an additional 5,472 shares during the period. Aperio Group LLC raised its position in Hormel by 10.3% in the first quarter. Aperio Group LLC now owns 349,530 shares of the company’s stock worth $11,996,000 after acquiring an additional 32,675 shares during the period. Finally, American International Group Inc. raised its position in Hormel by 20.3% in the first quarter. American International Group Inc. now owns 123,340 shares of the company’s stock worth $4,233,000 after acquiring an additional 20,847 shares during the period. Institutional investors own 39.40% of the company’s stock.
Several research analysts have weighed in on HRL shares. Zacks Investment Research upgraded shares of Hormel from a “strong sell” rating to a “hold” rating in a research report on Monday, February 5th. Jefferies Group upgraded shares of Hormel from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Wednesday, February 14th. Barclays reiterated a “buy” rating and issued a $38.00 price target (down from $40.00) on shares of Hormel in a research report on Friday, February 23rd. Credit Suisse Group reiterated a “neutral” rating on shares of Hormel in a research report on Sunday, February 25th. Finally, Piper Jaffray reiterated a “buy” rating and issued a $39.00 price target on shares of Hormel in a research report on Tuesday, February 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $34.60.
In other news, insider Luis G. Marconi sold 1,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $33.88, for a total transaction of $33,880.00. Following the sale, the insider now directly owns 21,532 shares in the company, valued at approximately $729,504.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven G. Binder sold 20,000 shares of the firm’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $33.40, for a total transaction of $668,000.00. Following the sale, the insider now owns 31,964 shares in the company, valued at $1,067,597.60. The disclosure for this sale can be found here. Insiders have sold a total of 281,976 shares of company stock worth $9,718,072 over the last 90 days. Insiders own 1.48% of the company’s stock.
Shares of HRL stock opened at $36.08 on Tuesday. The firm has a market cap of $19.20 billion, a PE ratio of 22.98, a PEG ratio of 2.22 and a beta of 0.43. Hormel has a one year low of $35.97 and a one year high of $36.21. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.74 and a current ratio of 1.47.
Hormel (NYSE:HRL) last announced its quarterly earnings data on Thursday, February 22nd. The company reported $0.44 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.44. The firm had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.43 billion. Hormel had a net margin of 9.92% and a return on equity of 17.44%. The company’s revenue was up 2.1% on a year-over-year basis. During the same period last year, the firm earned $0.44 EPS. equities analysts forecast that Hormel will post 1.75 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Monday, April 16th will be given a dividend of $0.1875 per share. The ex-dividend date is Friday, April 13th. This represents a $0.75 annualized dividend and a dividend yield of 2.08%. Hormel’s payout ratio is 47.77%.
Hormel Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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