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.
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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