Atria Investments LLC grew its stake in Hormel Foods Corp (NYSE:HRL) by 7.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,327 shares of the company’s stock after acquiring an additional 3,189 shares during the period. Atria Investments LLC’s holdings in Hormel Foods were worth $1,825,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of HRL. Macquarie Group Ltd. grew its stake in Hormel Foods by 45,760.7% in the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after acquiring an additional 6,177,700 shares in the last quarter. Victory Capital Management Inc. grew its stake in Hormel Foods by 25.4% in the 2nd quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after acquiring an additional 773,545 shares in the last quarter. Morgan Stanley grew its stake in Hormel Foods by 60.5% in the 2nd quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock worth $46,716,000 after acquiring an additional 473,239 shares in the last quarter. Virginia Retirement Systems ET AL grew its stake 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 worth $22,065,000 after acquiring an additional 447,800 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Hormel Foods by 1.8% in the 2nd quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock worth $764,587,000 after acquiring an additional 358,834 shares in the last quarter. Institutional investors and hedge funds own 41.83% of the company’s stock.
HRL has been the topic of a number of research analyst reports. Stephens downgraded shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating in a research note on Tuesday, July 24th. Mizuho downgraded shares of Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price objective on the stock. in a research note on Wednesday, July 25th. Buckingham Research increased their price objective on shares of Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, August 16th. Finally, Barclays downgraded shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 24th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $37.27.
In other Hormel Foods news, Director Terrell K. Crews sold 6,630 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $42.07, for a total value of $278,924.10. Following the completion of the sale, the director now directly owns 106,027 shares in the company, valued at $4,460,555.89. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Thomas R. Day sold 11,856 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $38.52, for a total transaction of $456,693.12. Following the completion of the sale, the vice president now owns 4,964 shares of the company’s stock, valued at $191,213.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 138,632 shares of company stock worth $5,556,981. Insiders own 1.48% of the company’s stock.
NYSE HRL opened at $39.69 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.78 and a current ratio of 1.69. Hormel Foods Corp has a 52-week low of $29.75 and a 52-week high of $42.29. The company has a market cap of $21.00 billion, a PE ratio of 25.25, a price-to-earnings-growth ratio of 2.69 and a beta of 0.34.
Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.39. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the firm earned $0.34 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities analysts predict that Hormel Foods Corp will post 1.76 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be paid a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.89%. Hormel Foods’s dividend payout ratio is presently 47.77%.
Hormel Foods 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, 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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