MAI Capital Management bought a new stake in shares of Hormel Foods Corp (NYSE:HRL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,195 shares of the company’s stock, valued at approximately $231,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Hormel Foods by 1.8% during the 2nd quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock valued at $764,587,000 after buying an additional 358,834 shares during the period. Macquarie Group Ltd. raised its holdings in Hormel Foods by 45,760.7% during the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock valued at $230,375,000 after buying an additional 6,177,700 shares during the period. Champlain Investment Partners LLC raised its holdings in Hormel Foods by 14.1% during the 1st quarter. Champlain Investment Partners LLC now owns 4,202,680 shares of the company’s stock valued at $144,236,000 after buying an additional 518,445 shares during the period. Victory Capital Management Inc. raised its holdings in Hormel Foods by 25.4% during the 2nd quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock valued at $142,031,000 after buying an additional 773,545 shares during the period. Finally, Westwood Holdings Group Inc. raised its holdings in Hormel Foods by 1.0% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,720,986 shares of the company’s stock valued at $93,384,000 after buying an additional 26,954 shares during the period. Hedge funds and other institutional investors own 41.83% of the company’s stock.
In other 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 owns 49,326 shares in the company, valued at $1,866,989.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven J. Lykken sold 3,614 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $38.93, for a total value of $140,693.02. Following the sale, the insider now directly owns 14,337 shares in the company, valued at approximately $558,139.41. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 138,632 shares of company stock worth $5,556,981. Insiders own 1.48% of the company’s stock.
Shares of Hormel Foods stock traded up $0.01 during trading on Friday, hitting $39.69. 2,322,575 shares of the stock traded hands, compared to its average volume of 2,656,172. The firm has a market cap of $21.00 billion, a P/E ratio of 25.28, a P/E/G ratio of 2.69 and a beta of 0.34. The company has a current ratio of 1.69, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12. Hormel Foods Corp has a 52-week low of $29.75 and a 52-week high of $42.29.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.34 earnings per share. Analysts forecast that Hormel Foods Corp will post 1.76 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be paid a dividend of $0.1875 per share. The ex-dividend date is Friday, October 19th. This represents a $0.75 annualized dividend and a dividend yield of 1.89%. Hormel Foods’s dividend payout ratio is currently 47.77%.
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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