Axa Takes Position in Hormel Foods Corp (HRL)

Axa bought a new position in Hormel Foods Corp (NYSE:HRL) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 85,627 shares of the company’s stock, valued at approximately $3,373,000.

Several other institutional investors also recently made changes to their positions in the company. Kovack Advisors Inc. purchased a new position in Hormel Foods during the 2nd quarter valued at $243,000. SG Americas Securities LLC boosted its holdings in Hormel Foods by 16.3% during the 3rd quarter. SG Americas Securities LLC now owns 117,151 shares of the company’s stock valued at $4,616,000 after acquiring an additional 16,396 shares during the period. Parallel Advisors LLC boosted its holdings in Hormel Foods by 63.3% during the 3rd quarter. Parallel Advisors LLC now owns 9,453 shares of the company’s stock valued at $372,000 after acquiring an additional 3,665 shares during the period. Glenmede Trust Co. NA boosted its holdings in Hormel Foods by 1,190.8% during the 2nd quarter. Glenmede Trust Co. NA now owns 338,397 shares of the company’s stock valued at $12,591,000 after acquiring an additional 312,180 shares during the period. Finally, Toth Financial Advisory Corp boosted its holdings in Hormel Foods by 4.9% during the 3rd quarter. Toth Financial Advisory Corp now owns 71,816 shares of the company’s stock valued at $2,830,000 after acquiring an additional 3,342 shares during the period. Hedge funds and other institutional investors own 41.65% of the company’s stock.

Shares of NYSE HRL opened at $45.09 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. The firm has a market cap of $24.04 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 2.95 and a beta of 0.14. Hormel Foods Corp has a twelve month low of $31.71 and a twelve month high of $46.26.

Hormel Foods (NYSE:HRL) last issued its earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.57 billion. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. Hormel Foods’s revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 EPS. Research analysts expect that Hormel Foods Corp will post 1.84 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Monday, January 14th will be given a dividend of $0.21 per share. The ex-dividend date is Friday, January 11th. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a yield of 1.86%. Hormel Foods’s payout ratio is 39.68%.

A number of research firms recently issued reports on HRL. Credit Suisse Group set a $39.00 price objective on Hormel Foods and gave the company a “hold” rating in a report on Wednesday, November 21st. BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Buckingham Research boosted their price objective on Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a report on Thursday, August 16th. Finally, ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $40.56.

In other Hormel Foods news, insider Glenn R. Leitch sold 13,925 shares of Hormel Foods stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $39.14, for a total transaction of $545,024.50. Following the completion of the sale, the insider now directly owns 64,000 shares of the company’s stock, valued at approximately $2,504,960. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Lori J. Marco sold 7,000 shares of Hormel Foods stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $41.50, for a total value of $290,500.00. Following the sale, the vice president now directly owns 55,879 shares of the company’s stock, valued at $2,318,978.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 138,973 shares of company stock valued at $5,848,668. 3.54% of the stock is currently owned by corporate insiders.

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About Hormel Foods

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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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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