6,195 Shares in Hormel Foods Corp (HRL) Purchased by MAI Capital Management

Share on StockTwits

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.

Several research firms recently weighed in on HRL. ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. BMO Capital Markets lowered 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 research note on Monday, September 17th. They noted that the move was a valuation call. 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 note on Friday, August 24th. Stephens lowered Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. began coverage on Hormel Foods in a research note on Friday, September 28th. They issued a “neutral” rating and a $41.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $37.27.

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.

Recommended Story: Are analyst ratings accurate?

Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.