Signature Financial Management Inc. decreased its stake in Hormel Foods Corp (NYSE:HRL) by 5.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 95,484 shares of the company’s stock after selling 5,885 shares during the period. Hormel Foods accounts for about 0.8% of Signature Financial Management Inc.’s holdings, making the stock its 23rd biggest position. Signature Financial Management Inc.’s holdings in Hormel Foods were worth $3,553,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in HRL. Macquarie Group Ltd. raised its position in Hormel Foods by 45,760.7% in the second quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after acquiring an additional 6,177,700 shares during the period. WBI Investments Inc. bought a new stake in Hormel Foods in the first quarter worth about $27,077,000. Victory Capital Management Inc. raised its position in Hormel Foods by 25.4% in the second quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after acquiring an additional 773,545 shares during the period. Schwab Charles Investment Management Inc. raised its position in 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 acquiring an additional 726,269 shares during the period. Finally, Champlain Investment Partners LLC raised its position in Hormel Foods by 14.1% in the first quarter. Champlain Investment Partners LLC now owns 4,202,680 shares of the company’s stock worth $144,236,000 after acquiring an additional 518,445 shares during the period. 42.03% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on HRL. BMO Capital Markets lowered shares of Hormel Foods from an “outperform” rating to a “market perform” rating in a research report on Monday. They noted that the move was a valuation call. ValuEngine raised shares of Hormel Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Hormel Foods in a research report on Wednesday, August 29th. Barclays lowered shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock. in a research report on Friday, August 24th. Finally, Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $36.30.
HRL opened at $41.90 on Monday. The stock has a market capitalization of $22.41 billion, a PE ratio of 26.69, a price-to-earnings-growth ratio of 2.87 and a beta of 0.34. 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 twelve month low of $29.75 and a twelve month high of $42.29.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $0.34 earnings per share. equities research analysts anticipate that Hormel Foods Corp will post 1.76 EPS for the current fiscal year.
In other news, Director Glenn S. Forbes sold 13,200 shares of Hormel Foods stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $41.56, for a total value of $548,592.00. Following the completion of the transaction, the director now owns 63,553 shares in the company, valued at $2,641,262.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven J. Lykken sold 3,614 shares of Hormel Foods stock in a transaction dated Friday, August 31st. The stock was sold at an average price of $38.93, for a total transaction of $140,693.02. Following the completion of the transaction, the insider now owns 14,337 shares of the company’s stock, valued at approximately $558,139.41. The disclosure for this sale can be found here. Insiders sold 95,518 shares of company stock valued at $3,727,288 in the last quarter. Corporate insiders own 3.54% of the company’s stock.
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.
Featured Story: Technical Analysis
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.