DNB Asset Management AS lessened its stake in shares of Hormel Foods Corp (NYSE:HRL) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,915 shares of the company’s stock after selling 5,429 shares during the quarter. DNB Asset Management AS’s holdings in Hormel Foods were worth $1,876,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in HRL. Enlightenment Research LLC purchased a new position in shares of Hormel Foods during the 4th quarter valued at about $30,000. Acima Private Wealth LLC purchased a new position in shares of Hormel Foods during the 4th quarter valued at about $34,000. Bremer Trust National Association purchased a new position in shares of Hormel Foods in the 4th quarter valued at about $43,000. We Are One Seven LLC purchased a new position in shares of Hormel Foods in the 4th quarter valued at about $45,000. Finally, FTB Advisors Inc. increased its stake in shares of Hormel Foods by 62.7% in the 4th quarter. FTB Advisors Inc. now owns 1,124 shares of the company’s stock valued at $48,000 after purchasing an additional 433 shares in the last quarter. 43.49% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the company. Zacks Investment Research upgraded Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a report on Thursday, February 28th. Jefferies Financial Group reiterated a “hold” rating and issued a $44.00 price objective on shares of Hormel Foods in a report on Thursday, February 21st. Stephens assumed coverage on Hormel Foods in a report on Monday, March 4th. They issued an “equal weight” rating on the stock. Credit Suisse Group reiterated a “hold” rating and issued a $39.00 price objective on shares of Hormel Foods in a report on Thursday, February 21st. Finally, ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a report on Saturday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the stock. Hormel Foods has an average rating of “Hold” and a consensus target price of $41.33.
NYSE:HRL opened at $40.78 on Wednesday. The firm has a market capitalization of $22.02 billion, a P/E ratio of 21.58, a price-to-earnings-growth ratio of 2.71 and a beta of 0.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.77 and a current ratio of 1.46. Hormel Foods Corp has a 12 month low of $34.12 and a 12 month high of $46.26.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, February 21st. The company reported $0.44 EPS for the quarter, meeting the consensus estimate of $0.44. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. Hormel Foods’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.56 earnings per share. Analysts predict that Hormel Foods Corp will post 1.82 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.06%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.
In related news, SVP Mark A. Coffey sold 15,058 shares of the stock in a transaction on Friday, March 29th. The stock was sold at an average price of $44.64, for a total value of $672,189.12. Following the transaction, the senior vice president now owns 37,135 shares of the company’s stock, valued at $1,657,706.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Lori J. Marco sold 13,000 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $41.56, for a total value of $540,280.00. Following the completion of the transaction, the vice president now directly owns 48,304 shares in the company, valued at approximately $2,007,514.24. The disclosure for this sale can be found here. Insiders sold 274,705 shares of company stock worth $12,116,336 in the last three months. 1.11% of the stock is currently owned by corporate insiders.
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Hormel Foods Company Profile
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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