Mitsubishi UFJ Trust & Banking Corp Reduces Stock Position in Hormel Foods Co. (NYSE:HRL)

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of Hormel Foods Co. (NYSE:HRLFree Report) by 0.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 563,002 shares of the company’s stock after selling 1,721 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.10% of Hormel Foods worth $21,411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Verition Fund Management LLC grew its holdings in shares of Hormel Foods by 3.2% in the fourth quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock valued at $340,000 after purchasing an additional 231 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Hormel Foods by 1.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock valued at $948,000 after purchasing an additional 235 shares in the last quarter. Sovereign Financial Group Inc. grew its holdings in shares of Hormel Foods by 1.3% in the second quarter. Sovereign Financial Group Inc. now owns 18,722 shares of the company’s stock valued at $753,000 after purchasing an additional 245 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of Hormel Foods by 3.2% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 8,051 shares of the company’s stock valued at $367,000 after purchasing an additional 253 shares in the last quarter. Finally, Gries Financial LLC grew its holdings in shares of Hormel Foods by 0.6% in the second quarter. Gries Financial LLC now owns 41,002 shares of the company’s stock valued at $1,649,000 after purchasing an additional 254 shares in the last quarter. 41.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, January 12th. Citigroup began coverage on shares of Hormel Foods in a report on Thursday, February 1st. They issued a “neutral” rating and a $31.00 target price for the company. The Goldman Sachs Group dropped their price objective on shares of Hormel Foods from $29.00 to $26.00 and set a “sell” rating for the company in a research note on Thursday, November 30th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Hormel Foods from $36.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $36.50.

Read Our Latest Report on HRL

Insider Activity at Hormel Foods

In related news, Director Elsa A. Murano sold 9,000 shares of Hormel Foods stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $31.70, for a total value of $285,300.00. Following the completion of the sale, the director now directly owns 93,698 shares in the company, valued at $2,970,226.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Hormel Foods news, EVP Deanna T. Brady sold 5,024 shares of the stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $31.48, for a total transaction of $158,155.52. Following the completion of the sale, the executive vice president now directly owns 71,567 shares of the company’s stock, valued at $2,252,929.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Elsa A. Murano sold 9,000 shares of the stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $31.70, for a total transaction of $285,300.00. Following the sale, the director now directly owns 93,698 shares of the company’s stock, valued at $2,970,226.60. The disclosure for this sale can be found here. Insiders sold 28,021 shares of company stock worth $886,454 over the last three months. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Stock Performance

HRL stock opened at $29.06 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.43 and a quick ratio of 0.70. The business has a 50-day moving average price of $31.34 and a 200 day moving average price of $34.48. The company has a market capitalization of $15.89 billion, a P/E ratio of 19.90, a PEG ratio of 3.94 and a beta of 0.24. Hormel Foods Co. has a 1-year low of $28.97 and a 1-year high of $46.04.

Hormel Foods (NYSE:HRLGet Free Report) last released its quarterly earnings data on Wednesday, November 29th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.26 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.47%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.51 earnings per share. As a group, equities research analysts forecast that Hormel Foods Co. will post 1.57 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be issued a $0.2825 dividend. This is an increase from Hormel Foods’s previous quarterly dividend of $0.28. This represents a $1.13 annualized dividend and a dividend yield of 3.89%. The ex-dividend date of this dividend is Friday, January 12th. Hormel Foods’s payout ratio is presently 77.40%.

Hormel Foods Company Profile

(Free Report)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

Further Reading

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

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