Hormel Foods Corporation (HRL) Position Increased by Palisade Asset Management LLC

Palisade Asset Management LLC raised its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 0.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,170 shares of the company’s stock after buying an additional 60 shares during the period. Palisade Asset Management LLC’s holdings in Hormel Foods Corporation were worth $824,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in HRL. Gemmer Asset Management LLC increased its stake in shares of Hormel Foods Corporation by 0.4% in the first quarter. Gemmer Asset Management LLC now owns 16,601 shares of the company’s stock valued at $575,000 after buying an additional 74 shares during the last quarter. Middleton & Co Inc MA increased its stake in shares of Hormel Foods Corporation by 11.6% in the first quarter. Middleton & Co Inc MA now owns 78,825 shares of the company’s stock valued at $2,730,000 after buying an additional 8,195 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Hormel Foods Corporation during the first quarter valued at $252,000. Coastline Trust Co increased its stake in shares of Hormel Foods Corporation by 0.5% in the first quarter. Coastline Trust Co now owns 63,430 shares of the company’s stock valued at $2,197,000 after buying an additional 320 shares during the last quarter. Finally, DnB Asset Management AS increased its stake in shares of Hormel Foods Corporation by 22.3% in the first quarter. DnB Asset Management AS now owns 43,944 shares of the company’s stock valued at $1,522,000 after buying an additional 8,000 shares during the last quarter. Hedge funds and other institutional investors own 38.35% of the company’s stock.

Shares of Hormel Foods Corporation (NYSE HRL) opened at 33.61 on Thursday. The firm has a 50 day moving average price of $33.67 and a 200-day moving average price of $34.68. Hormel Foods Corporation has a 12 month low of $32.26 and a 12 month high of $40.00. The company has a market cap of $17.76 billion, a P/E ratio of 20.49 and a beta of 0.56.

Hormel Foods Corporation (NYSE:HRL) last posted its earnings results on Thursday, May 25th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a net margin of 9.42% and a return on equity of 19.57%. The firm had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.22 billion. During the same period in the previous year, the company posted $0.40 EPS. Hormel Foods Corporation’s revenue for the quarter was down 4.9% compared to the same quarter last year. Analysts anticipate that Hormel Foods Corporation will post $1.66 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, July 13th. Hormel Foods Corporation’s payout ratio is 41.46%.

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Several analysts recently weighed in on the company. Zacks Investment Research upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 1st. Mizuho started coverage on Hormel Foods Corporation in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price objective for the company. Jefferies Group LLC reiterated a “hold” rating and issued a $34.00 price objective on shares of Hormel Foods Corporation in a research report on Monday, June 12th. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Hormel Foods Corporation in a research report on Friday, June 16th. Finally, BidaskClub downgraded Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Hormel Foods Corporation has a consensus rating of “Hold” and an average price target of $40.27.

In related news, insider Thomas R. Day sold 11,139 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $33.43, for a total value of $372,376.77. Following the completion of the sale, the insider now directly owns 24,838 shares in the company, valued at $830,334.34. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Luis G. Marconi sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total value of $45,253.00. Following the completion of the sale, the insider now owns 22,532 shares of the company’s stock, valued at $784,338.92. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.

Hormel Foods Corporation Company Profile

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

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