Northpointe Capital LLC purchased a new position in shares of Hormel Foods Corp (NYSE:HRL) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 77,037 shares of the company’s stock, valued at approximately $3,448,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Martingale Asset Management L P increased its holdings in shares of Hormel Foods by 45.9% during the 3rd quarter. Martingale Asset Management L P now owns 256,598 shares of the company’s stock valued at $10,111,000 after acquiring an additional 80,702 shares during the last quarter. FMR LLC increased its holdings in shares of Hormel Foods by 2.7% during the 3rd quarter. FMR LLC now owns 46,834 shares of the company’s stock valued at $1,845,000 after acquiring an additional 1,250 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Hormel Foods by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,916,693 shares of the company’s stock valued at $75,511,000 after acquiring an additional 14,099 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Hormel Foods by 72.7% during the 3rd quarter. Franklin Resources Inc. now owns 37,056 shares of the company’s stock valued at $1,460,000 after acquiring an additional 15,601 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Hormel Foods by 34.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,311,256 shares of the company’s stock valued at $51,664,000 after buying an additional 332,384 shares during the last quarter. 43.49% of the stock is owned by institutional investors.
HRL has been the subject of a number of research analyst reports. Jefferies Financial Group reissued a “hold” rating and issued a $44.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Zacks Investment Research downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Stephens initiated coverage on Hormel Foods in a research report on Monday, March 4th. They set an “equal weight” rating on the stock. Credit Suisse Group reissued a “hold” rating and set a $39.00 price target on shares of Hormel Foods in a research report on Thursday, February 21st. Finally, ValuEngine downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research report on Saturday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $41.33.
NYSE:HRL traded down $0.69 during trading hours on Wednesday, reaching $40.09. 80,654 shares of the company were exchanged, compared to its average volume of 2,386,509. The company has a market capitalization of $21.73 billion, a P/E ratio of 21.30, a P/E/G ratio of 2.71 and a beta of 0.19. Hormel Foods Corp has a 1-year low of $34.12 and a 1-year high of $46.26. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.77.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, February 21st. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.44. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.40 billion. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.56 earnings per share. On average, sell-side analysts anticipate that Hormel Foods Corp will post 1.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date is Friday, April 12th. Hormel Foods’s payout ratio is 44.44%.
In other news, Director Glenn S. Forbes sold 4,695 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $43.00, for a total value of $201,885.00. Following the completion of the transaction, the director now directly owns 49,481 shares in the company, valued at approximately $2,127,683. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lori J. Marco sold 13,000 shares of the stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $41.56, for a total value of $540,280.00. Following the completion of the transaction, the vice president now owns 48,304 shares of the company’s stock, valued at $2,007,514.24. The disclosure for this sale can be found here. Insiders sold a total of 274,705 shares of company stock valued at $12,116,336 over the last quarter. 1.11% of the stock is owned by corporate insiders.
About Hormel Foods
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Read More: Commodities
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.