IFM Investors Pty Ltd raised its stake in shares of Hormel Foods Corp (NYSE:HRL) by 40.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,610 shares of the company’s stock after buying an additional 8,495 shares during the quarter. IFM Investors Pty Ltd’s holdings in Hormel Foods were worth $1,295,000 at the end of the most recent reporting period.
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A number of other large investors also recently made changes to their positions in the business. Signature Wealth Management Group purchased a new stake in Hormel Foods in the second quarter valued at about $716,000. Townsend & Associates Inc raised its stake in shares of Hormel Foods by 21.3% in the second quarter. Townsend & Associates Inc now owns 23,609 shares of the company’s stock worth $986,000 after purchasing an additional 4,144 shares during the last quarter. Country Trust Bank raised its stake in shares of Hormel Foods by 190.7% in the second quarter. Country Trust Bank now owns 1,692 shares of the company’s stock worth $69,000 after purchasing an additional 1,110 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of Hormel Foods by 9.1% in the second quarter. Xact Kapitalforvaltning AB now owns 53,701 shares of the company’s stock worth $2,177,000 after purchasing an additional 4,478 shares during the last quarter. Finally, Diversified Trust Co raised its stake in shares of Hormel Foods by 26.4% in the second quarter. Diversified Trust Co now owns 7,604 shares of the company’s stock worth $308,000 after purchasing an additional 1,588 shares during the last quarter. Hedge funds and other institutional investors own 44.40% of the company’s stock.
Hormel Foods stock traded up $0.34 during midday trading on Friday, hitting $41.97. 1,133,586 shares of the company were exchanged, compared to its average volume of 2,658,405. The firm has a market capitalization of $22.22 billion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 2.76 and a beta of 0.04. Hormel Foods Corp has a fifty-two week low of $37.00 and a fifty-two week high of $46.26. The business has a fifty day simple moving average of $41.95 and a two-hundred day simple moving average of $41.31. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.06 and a current ratio of 2.09.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, August 22nd. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.35 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.29 billion. Hormel Foods had a return on equity of 16.75% and a net margin of 10.34%. Hormel Foods’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share. As a group, equities analysts expect that Hormel Foods Corp will post 1.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, October 21st will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, October 18th. Hormel Foods’s dividend payout ratio (DPR) is 44.44%.
In related news, Director Terrell K. Crews sold 9,046 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $42.35, for a total transaction of $383,098.10. Following the sale, the director now directly owns 113,305 shares of the company’s stock, valued at $4,798,466.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Howse Steve 226,215 shares of the business’s stock in a transaction on Friday, October 18th. Over the last ninety days, insiders have sold 126,670 shares of company stock worth $5,520,877. 1.11% of the stock is owned by corporate insiders.
Several brokerages have recently issued reports on HRL. BMO Capital Markets set a $44.00 price objective on Hormel Foods and gave the stock a “hold” rating in a research note on Friday, August 23rd. Bank of America began coverage on Hormel Foods in a research note on Friday, October 25th. They issued an “underperform” rating and a $40.00 price objective for the company. ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price objective for the company in a research note on Tuesday, August 27th. Finally, Stephens set a $37.00 price objective on Hormel Foods and gave the stock a “hold” rating in a research note on Monday, August 12th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $40.09.
Hormel Foods Company Profile
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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