Unigestion Holding SA lifted its stake in Hormel Foods Corp (NYSE:HRL) by 2,297.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 329,568 shares of the company’s stock after buying an additional 315,824 shares during the quarter. Unigestion Holding SA owned approximately 0.06% of Hormel Foods worth $12,985,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in HRL. Macquarie Group Ltd. lifted its holdings in shares of Hormel Foods by 45,760.7% in the second quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after buying an additional 6,177,700 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Hormel Foods by 28.6% in the third quarter. Victory Capital Management Inc. now owns 4,910,525 shares of the company’s stock worth $193,474,000 after buying an additional 1,093,493 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Hormel Foods in the third quarter worth $24,162,000. Morgan Stanley lifted its holdings in shares of Hormel Foods by 60.5% in the second quarter. Morgan Stanley now owns 1,255,467 shares of the company’s stock worth $46,716,000 after buying an additional 473,239 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its holdings in shares of Hormel Foods by 308.5% in the second quarter. Virginia Retirement Systems ET AL now owns 592,976 shares of the company’s stock worth $22,065,000 after buying an additional 447,800 shares in the last quarter. 41.95% of the stock is currently owned by hedge funds and other institutional investors.
Hormel Foods stock opened at $45.02 on Friday. The firm has a market cap of $23.53 billion, a P/E ratio of 26.27, a price-to-earnings-growth ratio of 2.86 and a beta of 0.14. The company has a current ratio of 1.69, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12. Hormel Foods Corp has a 52-week low of $31.71 and a 52-week high of $45.13.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.39. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. Hormel Foods’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. On average, equities research analysts predict that Hormel Foods Corp will post 1.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 22nd will be paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Friday, October 19th. Hormel Foods’s payout ratio is 47.77%.
In other Hormel Foods news, insider Kevin L. Myers sold 2,734 shares of the business’s stock in a transaction on Friday, October 5th. The shares were sold at an average price of $39.90, for a total transaction of $109,086.60. Following the transaction, the insider now owns 8,556 shares in the company, valued at $341,384.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas R. Day sold 11,856 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 4,964 shares in the company, valued at approximately $191,213.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 138,632 shares of company stock worth $5,556,981. 3.54% of the stock is owned by insiders.
HRL has been the topic of several research analyst reports. Stephens downgraded shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a report 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 report on Tuesday, July 24th. Mizuho downgraded shares of Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 target price on the stock. in a report on Wednesday, July 25th. Buckingham Research boosted their target price on shares of Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a report 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 target price on the stock. in a report on Friday, August 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $39.67.
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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