Highland Capital Management LP purchased a new stake in Hormel Foods Corp (NYSE:HRL) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 7,500 shares of the company’s stock, valued at approximately $279,000.
A number of other hedge funds have also recently made changes to their positions in HRL. Piedmont Investment Advisors LLC acquired a new stake in Hormel Foods in the second quarter valued at $118,000. Fort L.P. acquired a new stake in Hormel Foods in the second quarter valued at $125,000. IMS Capital Management acquired a new stake in Hormel Foods in the second quarter valued at $130,000. Dupont Capital Management Corp acquired a new stake in Hormel Foods in the second quarter valued at $135,000. Finally, IBM Retirement Fund acquired a new stake in shares of Hormel Foods during the 1st quarter worth about $203,000. Hedge funds and other institutional investors own 41.83% of the company’s stock.
Hormel Foods stock traded up $0.11 during midday trading on Friday, hitting $39.70. The company’s stock had a trading volume of 1,365,625 shares, compared to its average volume of 2,643,753. Hormel Foods Corp has a 1-year low of $29.75 and a 1-year high of $42.29. The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $21.00 billion, a price-to-earnings ratio of 25.29, a price-to-earnings-growth ratio of 2.69 and a beta of 0.34.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the company earned $0.34 EPS. The business’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Hormel Foods Corp will post 1.76 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 22nd will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.89%. The ex-dividend date is Friday, October 19th. Hormel Foods’s dividend payout ratio (DPR) is 47.77%.
In other Hormel Foods news, Chairman James P. Snee sold 21,923 shares of Hormel Foods stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $37.85, for a total value of $829,785.55. Following the completion of the sale, 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 the SEC website. Also, Director Dakota A. Pippins sold 1,750 shares of Hormel Foods stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the completion of the sale, 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 141,898 shares of company stock valued at $5,672,895 in the last quarter. Corporate insiders own 1.48% of the company’s stock.
A number of analysts have recently issued reports on the stock. BMO Capital Markets cut shares of Hormel Foods from an “outperform” rating to a “market perform” rating and raised their target price for the stock from $38.00 to $44.00 in a research note on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Buckingham Research raised their target price on shares of Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 16th. ValuEngine upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Finally, Stephens cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Hormel Foods has an average rating of “Hold” and an average price target of $37.27.
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, 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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