Hormel Foods Corporation $HRL Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Hormel Foods Corporation (NYSE:HRL) by 6.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,418,804 shares of the company’s stock after selling 96,968 shares during the period. Bank of New York Mellon Corp’s holdings in Hormel Foods were worth $32,136,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. MUFG Securities EMEA plc acquired a new stake in shares of Hormel Foods during the second quarter worth $26,000. Strive Financial Group LLC purchased a new stake in shares of Hormel Foods during the fourth quarter valued at $27,000. Motiv8 Investments LLC acquired a new position in shares of Hormel Foods in the 4th quarter valued at $28,000. Parkside Financial Bank & Trust boosted its position in shares of Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock valued at $31,000 after purchasing an additional 1,025 shares during the period. Finally, Root Financial Partners LLC increased its stake in Hormel Foods by 149.2% in the 1st quarter. Root Financial Partners LLC now owns 1,495 shares of the company’s stock worth $34,000 after purchasing an additional 895 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. BNP Paribas Exane boosted their price objective on Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Bank of America raised their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of Hormel Foods in a research report on Friday, July 17th. JPMorgan Chase & Co. restated a “neutral” rating and set a $23.00 price target (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Finally, Stephens restated an “equal weight” rating and issued a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.14.

Insiders Place Their Bets

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the transaction, the director directly owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.58% of the stock is currently owned by insiders.

Hormel Foods Trading Down 0.0%

Shares of NYSE:HRL opened at $25.30 on Monday. The firm has a fifty day moving average of $24.01 and a two-hundred day moving average of $23.33. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a 12-month low of $19.70 and a 12-month high of $29.34. The firm has a market capitalization of $13.93 billion, a P/E ratio of 29.77, a price-to-earnings-growth ratio of 2.91 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the business posted $0.35 earnings per share. Hormel Foods’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, equities analysts expect that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be paid a $0.2925 dividend. The ex-dividend date is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a yield of 4.6%. Hormel Foods’s payout ratio is 137.65%.

About Hormel Foods

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.