Robeco Institutional Asset Management B.V. raised its position in shares of Hormel Foods Corp (NYSE:HRL) by 34.3% in the third quarter, HoldingsChannel.com reports. The firm owned 40,790 shares of the company’s stock after purchasing an additional 10,417 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Hormel Foods were worth $1,606,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Kovack Advisors Inc. acquired a new stake in shares of Hormel Foods during the 2nd quarter worth approximately $243,000. State of Alaska Department of Revenue grew 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 worth $2,814,000 after buying an additional 4,120 shares during the period. Glenmede Trust Co. NA grew 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 worth $12,591,000 after buying an additional 312,180 shares during the period. Morgan Stanley grew 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 worth $46,716,000 after buying an additional 473,239 shares during the period. Finally, SG Americas Securities LLC grew 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 worth $3,749,000 after buying an additional 63,728 shares during the period. 41.95% of the stock is owned by institutional investors and hedge funds.
Shares of HRL opened at $44.08 on Wednesday. Hormel Foods Corp has a 12-month low of $30.80 and a 12-month high of $44.49. The company has a current ratio of 1.69, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $23.03 billion, a P/E ratio of 28.08, a PEG ratio of 2.80 and a beta of 0.14.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period last year, the business earned $0.34 EPS. Hormel Foods’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Hormel Foods Corp will post 1.75 earnings per share for the current fiscal 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 1.70%. The ex-dividend date is Friday, October 19th. Hormel Foods’s dividend payout ratio (DPR) is presently 47.77%.
In other Hormel Foods news, Chairman James P. Snee sold 21,923 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total transaction of $829,785.55. Following the transaction, the chairman now directly owns 49,326 shares in the company, valued at approximately $1,866,989.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Glenn S. Forbes sold 13,200 shares of the firm’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $41.56, for a total value of $548,592.00. Following the transaction, the director now owns 63,553 shares in the company, valued at $2,641,262.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 138,632 shares of company stock worth $5,556,981. Company insiders own 1.48% of the company’s stock.
Several analysts have recently commented on the stock. Piper Jaffray Companies set a $50.00 price objective on shares of Hormel Foods and gave the stock a “buy” rating in a research report on Tuesday. Vertical Group downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating in a research report on Tuesday. They noted that the move was a valuation call. ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. Finally, Barclays cut Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price on the stock. in a report on Friday, August 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $39.67.
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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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