Retirement Systems of Alabama decreased its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 1.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,384 shares of the company’s stock after selling 1,314 shares during the period. Retirement Systems of Alabama’s holdings in Hormel Foods were worth $4,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Kovack Advisors Inc. purchased a new position in shares of Hormel Foods during the 2nd quarter valued at approximately $243,000. State of Alaska Department of Revenue lifted its position in shares of Hormel Foods by 5.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 75,670 shares of the company’s stock valued at $2,814,000 after buying an additional 4,120 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of Hormel Foods by 1,190.8% during the 2nd quarter. Glenmede Trust Co. NA now owns 338,397 shares of the company’s stock valued at $12,591,000 after buying an additional 312,180 shares in the last quarter. Morgan Stanley lifted its position in shares of Hormel Foods by 60.5% during the 2nd quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock valued at $46,716,000 after buying an additional 473,239 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Hormel Foods by 172.1% during the 2nd quarter. SG Americas Securities LLC now owns 100,755 shares of the company’s stock valued at $3,749,000 after buying an additional 63,728 shares in the last quarter. Hedge funds and other institutional investors own 41.95% of the company’s stock.
In related news, Chairman James P. Snee sold 21,923 shares of the stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total value of $829,785.55. Following the completion of the transaction, the chairman now directly owns 49,326 shares of the company’s stock, valued at approximately $1,866,989.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $456,693.12. Following the completion of the transaction, the vice president now directly owns 4,964 shares of the company’s stock, valued at $191,213.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 138,632 shares of company stock valued at $5,556,981. 1.48% of the stock is owned by corporate insiders.
NYSE HRL opened at $44.22 on Tuesday. Hormel Foods Corp has a one year low of $30.69 and a one year high of $44.49. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. The firm has a market capitalization of $23.03 billion, a P/E ratio of 25.71, a PEG ratio of 2.80 and a beta of 0.14.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the company earned $0.34 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Hormel Foods Corp will post 1.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 22nd will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, October 19th. Hormel Foods’s dividend payout ratio is currently 47.77%.
A number of research analysts have recently issued reports on HRL shares. JPMorgan Chase & Co. started coverage on Hormel Foods in a research report on Friday, September 28th. They set a “neutral” rating and a $41.00 target price on the stock. Barclays lowered Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a research report on Friday, August 24th. Mizuho lowered Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 target price on the stock. in a research report on Wednesday, July 25th. Jefferies Financial Group reiterated a “buy” rating and set a $44.00 target price on shares of Hormel Foods in a research report on Wednesday, August 29th. Finally, Zacks Investment Research lowered Hormel Foods from a “hold” rating to a “sell” rating in a research report on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $38.44.
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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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