Miller Howard Investments Inc. NY Has $32.25 Million Holdings in Hormel Foods Corporation $HRL

Miller Howard Investments Inc. NY increased its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 100.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,423,720 shares of the company’s stock after acquiring an additional 714,080 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Hormel Foods were worth $32,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vest Financial LLC increased its stake in Hormel Foods by 9.1% during the 4th quarter. Vest Financial LLC now owns 2,042,541 shares of the company’s stock worth $48,408,000 after purchasing an additional 171,137 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Hormel Foods by 297.6% during the 3rd quarter. Victory Capital Management Inc. now owns 4,198,564 shares of the company’s stock worth $103,815,000 after buying an additional 3,142,670 shares during the period. First Trust Advisors LP lifted its stake in Hormel Foods by 18.5% in the third quarter. First Trust Advisors LP now owns 2,661,529 shares of the company’s stock valued at $65,846,000 after buying an additional 415,915 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Hormel Foods by 12.9% in the third quarter. Dimensional Fund Advisors LP now owns 5,156,596 shares of the company’s stock valued at $127,570,000 after buying an additional 590,084 shares in the last quarter. Finally, Sound Income Strategies LLC boosted its holdings in shares of Hormel Foods by 38,341.8% in the fourth quarter. Sound Income Strategies LLC now owns 124,167 shares of the company’s stock valued at $3,007,000 after buying an additional 123,844 shares during the period. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Stock Performance

Shares of HRL opened at $24.74 on Wednesday. The stock has a market capitalization of $13.61 billion, a price-to-earnings ratio of 29.11, a PEG ratio of 2.77 and a beta of 0.35. Hormel Foods Corporation has a 12 month low of $19.70 and a 12 month high of $31.86. The firm has a fifty day simple moving average of $22.04 and a 200 day simple moving average of $23.13. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business earned $0.35 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Research analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be given a $0.2925 dividend. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.7%. Hormel Foods’s payout ratio is currently 137.65%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Hormel Foods from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Stephens upped their target price on shares of Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a report on Tuesday, April 21st. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a report on Thursday, May 21st. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $25.67.

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.