Andra AP fonden increased its position in Hormel Foods Corp (NYSE:HRL) by 17.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,300 shares of the company’s stock after purchasing an additional 31,100 shares during the quarter. Andra AP fonden’s holdings in Hormel Foods were worth $8,207,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in HRL. Macquarie Group Ltd. lifted its holdings in shares of 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 purchasing an additional 6,177,700 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of 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 purchasing an additional 773,545 shares in the last quarter. Morgan Stanley raised its position in Hormel Foods by 60.5% in 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 during the last quarter. Virginia Retirement Systems ET AL raised its position in Hormel Foods by 308.5% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 592,976 shares of the company’s stock valued at $22,065,000 after buying an additional 447,800 shares during the last quarter. Finally, BlackRock Inc. raised its position in Hormel Foods by 1.8% in 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 last quarter. Hedge funds and other institutional investors own 41.95% of the company’s stock.
HRL has been the topic of a number of recent research reports. 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 reaffirmed a “buy” rating and set a $44.00 price target on shares of Hormel Foods in a research report on Wednesday, August 29th. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. JPMorgan Chase & Co. began coverage on Hormel Foods in a research report on Friday, September 28th. They set a “neutral” rating and a $41.00 price target on the stock. Finally, Buckingham Research boosted their price target on Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Two research 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’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $39.67.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. Equities analysts anticipate that Hormel Foods Corp will post 1.73 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be given a dividend of $0.1875 per share. The ex-dividend date is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.67%. Hormel Foods’s payout ratio is 47.77%.
In related news, insider Kevin L. Myers sold 2,734 shares of the company’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $39.90, for a total transaction of $109,086.60. Following the completion of the sale, the insider now directly owns 8,556 shares in the company, valued at approximately $341,384.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Deanna T. Brady sold 48,000 shares of the company’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $41.05, for a total value of $1,970,400.00. Following the sale, the insider now owns 83,102 shares of the company’s stock, valued at $3,411,337.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 138,632 shares of company stock valued at $5,556,981. Corporate insiders own 3.54% of the company’s stock.
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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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