Zurich Insurance Group Ltd FI grew its position in Hormel Foods Corp (NYSE:HRL) by 480.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,403 shares of the company’s stock after purchasing an additional 122,003 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Hormel Foods were worth $5,485,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of HRL. Mackay Shields LLC bought a new position in shares of Hormel Foods in the first quarter worth approximately $1,555,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Hormel Foods by 362.6% in the first quarter. Robeco Institutional Asset Management B.V. now owns 30,373 shares of the company’s stock worth $1,043,000 after purchasing an additional 23,807 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Hormel Foods by 77.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,669,639 shares of the company’s stock worth $57,303,000 after purchasing an additional 726,269 shares during the period. ING Groep NV bought a new position in shares of Hormel Foods in the first quarter worth approximately $779,000. Finally, American International Group Inc. boosted its position in shares of Hormel Foods 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 purchasing an additional 20,847 shares during the period. Institutional investors and hedge funds own 42.03% of the company’s stock.
In other Hormel Foods news, VP Thomas R. Day sold 11,856 shares of the stock in a transaction on Thursday, August 30th. The shares were sold at an average price of $38.52, for a total transaction of $456,693.12. Following the completion of the transaction, the vice president now owns 4,964 shares in the company, valued at $191,213.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Nakasone sold 10,000 shares of the stock in a transaction on Friday, July 6th. The shares were sold at an average price of $37.30, for a total transaction of $373,000.00. Following the transaction, the director now owns 120,973 shares of the company’s stock, valued at approximately $4,512,292.90. The disclosure for this sale can be found here. Insiders have sold 95,518 shares of company stock valued at $3,727,288 in the last quarter. 3.54% of the stock is owned by company insiders.
Shares of NYSE:HRL opened at $41.36 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. Hormel Foods Corp has a fifty-two week low of $29.75 and a fifty-two week high of $42.29. The firm has a market cap of $22.41 billion, a P/E ratio of 26.34, a P/E/G ratio of 2.87 and a beta of 0.34.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.39. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. Hormel Foods’s revenue for the quarter was up 6.9% on a year-over-year basis. research analysts anticipate that Hormel Foods Corp will post 1.76 earnings per share for the current year.
HRL has been the subject of a number of recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $42.00 price target on shares of Hormel Foods in a research report on Thursday, May 31st. Zacks Investment Research upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Wednesday, May 30th. ValuEngine upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Barclays lowered shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a research report on Friday, August 24th. Finally, Stephens lowered shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $36.90.
About Hormel Foods
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.
See Also: Is the Dow Jones Industrial Average (DJIA) still relevant?
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corp (NYSE:HRL).
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.