Rhumbline Advisers Has $24.21 Million Stake in Hormel Foods Corporation $HRL

Rhumbline Advisers lifted its position in shares of Hormel Foods Corporation (NYSE:HRL) by 3.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 978,585 shares of the company’s stock after buying an additional 35,772 shares during the period. Rhumbline Advisers owned about 0.18% of Hormel Foods worth $24,210,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of HRL. Norges Bank acquired a new position in Hormel Foods during the second quarter valued at approximately $101,201,000. Vanguard Group Inc. raised its stake in shares of Hormel Foods by 2.2% during the 2nd quarter. Vanguard Group Inc. now owns 36,865,901 shares of the company’s stock worth $1,115,194,000 after purchasing an additional 805,449 shares in the last quarter. Miller Howard Investments Inc. NY acquired a new stake in shares of Hormel Foods in the 3rd quarter valued at approximately $19,824,000. AQR Capital Management LLC grew its stake in shares of Hormel Foods by 84.6% in the second quarter. AQR Capital Management LLC now owns 1,506,263 shares of the company’s stock valued at $45,564,000 after buying an additional 690,398 shares in the last quarter. Finally, Amundi increased its holdings in Hormel Foods by 53.5% during the second quarter. Amundi now owns 1,671,384 shares of the company’s stock worth $51,495,000 after buying an additional 582,664 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Analysts Set New Price Targets

HRL has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $27.00 price target on shares of Hormel Foods and gave the company a “buy” rating in a research note on Thursday, October 30th. Barclays set a $30.00 target price on shares of Hormel Foods and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Zacks Research upgraded Hormel Foods from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. upped their price objective on Hormel Foods from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Friday, December 5th. Finally, Wall Street Zen raised Hormel Foods from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $27.43.

Hormel Foods Stock Performance

NYSE HRL opened at $23.78 on Tuesday. The firm’s fifty day moving average price is $24.04 and its two-hundred day moving average price is $24.50. The stock has a market cap of $13.08 billion, a PE ratio of 27.33, a PEG ratio of 2.42 and a beta of 0.33. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.20 and a current ratio of 2.47. Hormel Foods Corporation has a fifty-two week low of $21.03 and a fifty-two week high of $32.07.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, December 3rd. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.02. Hormel Foods had a return on equity of 9.41% and a net margin of 3.95%.The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business posted $0.42 EPS. Hormel Foods’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, equities analysts expect that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, January 12th will be given a dividend of $0.2925 per share. The ex-dividend date is Monday, January 12th. This represents a $1.17 annualized dividend and a yield of 4.9%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.29. Hormel Foods’s dividend payout ratio is 134.48%.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.