IFM Investors Pty Ltd increased its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 17.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,283 shares of the company’s stock after buying an additional 2,275 shares during the quarter. IFM Investors Pty Ltd’s holdings in Hormel Foods were worth $602,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. raised its stake in Hormel Foods by 1.8% during the 2nd quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock worth $764,587,000 after buying an additional 358,834 shares during the period. Macquarie Group Ltd. raised its stake in Hormel Foods by 45,760.7% during the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock worth $230,375,000 after buying an additional 6,177,700 shares during the period. Victory Capital Management Inc. raised its stake in Hormel Foods by 25.4% during the 2nd quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock worth $142,031,000 after buying an additional 773,545 shares during the period. Principal Financial Group Inc. raised its stake in Hormel Foods by 10.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,021,199 shares of the company’s stock worth $69,367,000 after buying an additional 188,805 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Hormel Foods by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,809,511 shares of the company’s stock worth $67,331,000 after buying an additional 56,399 shares during the period. 41.85% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on HRL shares. JPMorgan Chase & Co. started coverage on Hormel Foods in a research note on Friday, September 28th. They issued a “neutral” rating and a $41.00 price target on the stock. Barclays downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research note on Friday, August 24th. Mizuho downgraded Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price target on the stock. in a research note on Wednesday, July 25th. Jefferies Financial Group reissued a “buy” rating and issued a $44.00 price target on shares of Hormel Foods in a research note on Wednesday, August 29th. Finally, Zacks Investment Research downgraded Hormel Foods from a “hold” rating to a “sell” rating in a research note on Thursday, August 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $37.20.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.39. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. Hormel Foods’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS. On average, analysts expect that Hormel Foods Corp will post 1.75 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be issued a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Friday, October 19th. Hormel Foods’s payout ratio is 47.77%.
In other news, Chairman James P. Snee sold 21,923 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total value of $829,785.55. Following the completion of the transaction, the chairman now owns 49,326 shares in the company, valued at approximately $1,866,989.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dakota A. Pippins sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $39.59, for a total value of $69,282.50. Following the completion of the transaction, the director now owns 91,797 shares of the company’s stock, valued at approximately $3,634,243.23. The disclosure for this sale can be found here. Insiders sold a total of 138,632 shares of company stock valued at $5,556,981 in the last 90 days. 1.48% 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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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