JPMorgan Chase & Co. Has $55.35 Million Stock Position in Hormel Foods Corporation $HRL

JPMorgan Chase & Co. increased its position in Hormel Foods Corporation (NYSE:HRL) by 58.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,237,005 shares of the company’s stock after buying an additional 826,564 shares during the period. JPMorgan Chase & Co. owned 0.41% of Hormel Foods worth $55,345,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in Hormel Foods in the second quarter valued at approximately $26,000. Caldwell Trust Co bought a new position in shares of Hormel Foods in the 2nd quarter worth $30,000. Federated Hermes Inc. acquired a new stake in Hormel Foods in the 3rd quarter valued at $31,000. Assetmark Inc. grew its position in Hormel Foods by 1,490.7% in the 2nd quarter. Assetmark Inc. now owns 1,543 shares of the company’s stock valued at $47,000 after purchasing an additional 1,446 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its stake in Hormel Foods by 77.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,854 shares of the company’s stock valued at $56,000 after purchasing an additional 809 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $26.00 price objective (up from $25.00) on shares of Hormel Foods in a report on Friday, December 5th. JPMorgan Chase & Co. lifted their price target on Hormel Foods from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Friday, December 5th. Wall Street Zen raised Hormel Foods from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Stephens dropped their target price on Hormel Foods from $27.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a report on Thursday, January 22nd. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.43.

Hormel Foods Stock Performance

Shares of HRL opened at $25.27 on Thursday. The stock has a 50 day moving average of $24.18 and a 200 day moving average of $24.36. The company has a market capitalization of $13.90 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 2.62 and a beta of 0.33. Hormel Foods Corporation has a 12 month low of $21.03 and a 12 month high of $32.07. The company has a current ratio of 2.47, a quick ratio of 1.20 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, December 3rd. The company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.02. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.24 billion. Hormel Foods had a return on equity of 9.41% and a net margin of 3.95%.The business’s revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, sell-side analysts forecast that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.