Hormel Foods Corp (NYSE:HRL) was the target of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 31,891,455 shares, a growth of 14.5% from the January 12th total of 27,864,782 shares. Approximately 11.8% of the shares of the company are short sold. Based on an average daily volume of 2,600,262 shares, the days-to-cover ratio is presently 12.3 days.
HRL has been the subject of a number of analyst reports. Morgan Stanley initiated coverage on Hormel Foods in a research report on Friday, November 3rd. They set an “underweight” rating and a $26.00 price objective for the company. BMO Capital Markets restated a “buy” rating and set a $38.00 price objective on shares of Hormel Foods in a research report on Monday, November 6th. Piper Jaffray Companies initiated coverage on Hormel Foods in a research report on Thursday, January 4th. They set an “overweight” rating and a $42.00 price objective for the company. KeyCorp initiated coverage on Hormel Foods in a research report on Tuesday, October 31st. They set a “hold” rating for the company. Finally, Stephens reduced their price objective on Hormel Foods from $50.00 to $38.00 and set an “overweight” rating for the company in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. Hormel Foods has an average rating of “Hold” and a consensus target price of $35.70.
Shares of Hormel Foods (NYSE HRL) opened at $33.07 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.91. The firm has a market capitalization of $17,510.00, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 2.05 and a beta of 0.49. Hormel Foods has a 12 month low of $29.75 and a 12 month high of $38.00.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be paid a dividend of $0.1875 per share. The ex-dividend date is Friday, January 12th. This represents a $0.75 annualized dividend and a yield of 2.27%. This is an increase from Hormel Foods’s previous quarterly dividend of $0.17. Hormel Foods’s payout ratio is presently 47.77%.
In related news, VP Gary Jamison sold 4,169 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $36.48, for a total transaction of $152,085.12. Following the completion of the transaction, the vice president now owns 12,615 shares in the company, valued at approximately $460,195.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Elsa A. Murano sold 7,129 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $36.00, for a total value of $256,644.00. Following the transaction, the director now owns 90,991 shares of the company’s stock, valued at approximately $3,275,676. The disclosure for this sale can be found here. Insiders have sold a total of 131,001 shares of company stock valued at $4,612,826 in the last 90 days. Insiders own 1.48% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in Hormel Foods by 1.8% during the 4th quarter. BlackRock Inc. now owns 20,327,330 shares of the company’s stock valued at $739,714,000 after acquiring an additional 367,255 shares in the last quarter. Capital International Investors raised its stake in shares of Hormel Foods by 28.4% in the 3rd quarter. Capital International Investors now owns 10,634,975 shares of the company’s stock worth $341,808,000 after buying an additional 2,350,000 shares in the last quarter. Valueinvest Asset Management S.A. raised its stake in shares of Hormel Foods by 29.2% in the 3rd quarter. Valueinvest Asset Management S.A. now owns 6,915,500 shares of the company’s stock worth $222,264,000 after buying an additional 1,563,700 shares in the last quarter. Champlain Investment Partners LLC raised its stake in shares of Hormel Foods by 16.6% in the 4th quarter. Champlain Investment Partners LLC now owns 3,684,235 shares of the company’s stock worth $134,069,000 after buying an additional 524,325 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Hormel Foods by 44.2% in the 3rd quarter. American Century Companies Inc. now owns 3,051,908 shares of the company’s stock worth $98,088,000 after buying an additional 936,053 shares in the last quarter. 38.31% of the stock is currently owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION NOTICE: “Hormel Foods Corp (HRL) Short Interest Up 14.5% in January” was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece on another publication, it was illegally copied and republished in violation of US and international copyright & trademark law. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/02/13/hormel-foods-corp-hrl-short-interest-up-14-5-in-january.html.
Hormel Foods Company Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
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.