Skandinaviska Enskilda Banken AB publ grew its stake in Hormel Foods Corp (NYSE:HRL) by 26.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,951 shares of the company’s stock after acquiring an additional 10,647 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Hormel Foods were worth $2,376,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the stock. Optimal Asset Management Inc. boosted its stake in Hormel Foods by 145.7% during the 1st quarter. Optimal Asset Management Inc. now owns 101,164 shares of the company’s stock worth $4,718,000 after acquiring an additional 59,990 shares during the last quarter. State of Tennessee Treasury Department increased its stake in Hormel Foods by 57.7% in the first quarter. State of Tennessee Treasury Department now owns 104,441 shares of the company’s stock valued at $4,871,000 after purchasing an additional 38,197 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Hormel Foods by 13.8% in the first quarter. The Manufacturers Life Insurance Company now owns 307,667 shares of the company’s stock worth $14,349,000 after purchasing an additional 37,258 shares during the period. HighTower Advisors LLC boosted its position in shares of Hormel Foods by 1.8% during the first quarter. HighTower Advisors LLC now owns 18,760 shares of the company’s stock worth $875,000 after purchasing an additional 338 shares in the last quarter. Finally, Peninsula Asset Management Inc. grew its holdings in shares of Hormel Foods by 3.0% in the 1st quarter. Peninsula Asset Management Inc. now owns 93,811 shares of the company’s stock valued at $4,376,000 after buying an additional 2,767 shares during the period. Institutional investors and hedge funds own 43.03% of the company’s stock.
Shares of Hormel Foods stock opened at $48.34 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.70 and a quick ratio of 0.91. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 28.27, a price-to-earnings-growth ratio of 3.88 and a beta of -0.05. The stock’s 50-day moving average is $47.81 and its 200-day moving average is $46.45. Hormel Foods Corp has a one year low of $39.01 and a one year high of $51.53.
Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, May 21st. The company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.40 billion. Hormel Foods had a net margin of 9.64% and a return on equity of 15.38%. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 EPS. On average, equities analysts expect that Hormel Foods Corp will post 1.66 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be issued a $0.2325 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.93 dividend on an annualized basis and a dividend yield of 1.92%. Hormel Foods’s dividend payout ratio (DPR) is presently 53.45%.
Several analysts recently commented on the company. Piper Sandler downgraded Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research note on Tuesday, April 28th. Cfra raised their price target on Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 21st. Goldman Sachs Group upgraded Hormel Foods from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $35.00 to $45.00 in a report on Thursday, March 26th. Finally, Barclays increased their target price on Hormel Foods from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 31st. One analyst has rated the stock with a sell rating and eight have issued a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $44.38.
In other news, EVP Glenn R. Leitch sold 51,796 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $48.46, for a total transaction of $2,510,034.16. Following the completion of the transaction, the executive vice president now directly owns 156,727 shares in the company, valued at approximately $7,594,990.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Thomas R. Day sold 13,787 shares of the firm’s stock in a transaction dated Friday, April 3rd. The shares were sold at an average price of $48.50, for a total value of $668,669.50. Following the completion of the transaction, the executive vice president now owns 46,643 shares of the company’s stock, valued at approximately $2,262,185.50. The disclosure for this sale can be found here. Insiders sold 165,708 shares of company stock worth $7,962,315 over the last quarter. 1.15% of the stock is owned by corporate insiders.
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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