Cullen Frost Bankers Inc. trimmed its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 22.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,893 shares of the company’s stock after selling 2,019 shares during the period. Cullen Frost Bankers Inc.’s holdings in Hormel Foods were worth $272,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in HRL. Assenagon Asset Management S.A. purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at about $24,162,000. CWM LLC lifted its holdings in shares of Hormel Foods by 6,772.8% in the 3rd quarter. CWM LLC now owns 15,945 shares of the company’s stock valued at $628,000 after purchasing an additional 15,713 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at about $260,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Hormel Foods in the 3rd quarter valued at about $249,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Hormel Foods by 34.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 40,790 shares of the company’s stock valued at $1,606,000 after purchasing an additional 10,417 shares during the last quarter. 41.85% of the stock is owned by institutional investors.
Hormel Foods stock opened at $43.20 on Friday. Hormel Foods Corp has a fifty-two week low of $30.69 and a fifty-two week high of $43.98. The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $23.27 billion, a PE ratio of 25.98, a PEG ratio of 2.99 and a beta of 0.14.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.34 EPS. On average, equities research analysts expect that Hormel Foods Corp will post 1.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 22nd will be paid a dividend of $0.1875 per share. This represents a $0.75 annualized dividend and a yield of 1.74%. The ex-dividend date is Friday, October 19th. Hormel Foods’s dividend payout ratio is presently 47.77%.
Several analysts have recently weighed in on HRL shares. JPMorgan Chase & Co. started coverage on Hormel Foods in a report on Friday, September 28th. They issued a “neutral” rating and a $41.00 target price for the company. Barclays downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a report on Friday, August 24th. Mizuho downgraded Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 target price for the company. in a report on Wednesday, July 25th. Jefferies Financial Group reissued a “buy” rating and issued a $44.00 target price on shares of Hormel Foods in a report on Wednesday, August 29th. Finally, Zacks Investment Research downgraded Hormel Foods from a “hold” rating to a “sell” rating in a report on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $37.20.
In other Hormel Foods news, insider Deanna T. Brady sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the completion of the sale, the insider now directly owns 83,102 shares of the company’s stock, valued at approximately $3,411,337.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman James P. Snee sold 21,923 shares of the company’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $37.85, for a total value of $829,785.55. Following the sale, the chairman now directly owns 49,326 shares of the company’s stock, valued at $1,866,989.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 138,632 shares of company stock valued at $5,556,981. 3.54% of the stock is owned by company insiders.
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.
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