Assenagon Asset Management S.A. reduced its position in shares of Hormel Foods Corp (NYSE:HRL) by 60.1% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,896 shares of the company’s stock after selling 61,541 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Hormel Foods were worth $1,788,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in HRL. MUFG Americas Holdings Corp bought a new stake in Hormel Foods during the 2nd quarter valued at about $35,000. TRUE Private Wealth Advisors bought a new stake in Hormel Foods during the 2nd quarter valued at about $36,000. Dougherty Wealth Advisers LLC increased its stake in Hormel Foods by 350.0% during the 2nd quarter. Dougherty Wealth Advisers LLC now owns 900 shares of the company’s stock valued at $36,000 after purchasing an additional 700 shares in the last quarter. CSat Investment Advisory L.P. increased its stake in Hormel Foods by 153.8% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,452 shares of the company’s stock valued at $59,000 after purchasing an additional 880 shares in the last quarter. Finally, Country Trust Bank increased its stake in Hormel Foods by 190.7% during the 2nd quarter. Country Trust Bank now owns 1,692 shares of the company’s stock valued at $69,000 after purchasing an additional 1,110 shares in the last quarter. Institutional investors and hedge funds own 44.38% of the company’s stock.
Shares of HRL stock opened at $40.81 on Friday. The company has a 50 day moving average price of $42.72 and a 200-day moving average price of $41.38. Hormel Foods Corp has a 52 week low of $37.00 and a 52 week high of $46.26. The firm has a market capitalization of $21.82 billion, a PE ratio of 21.59, a P/E/G ratio of 2.77 and a beta of 0.06. The company has a quick ratio of 1.06, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, October 21st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.06%. Hormel Foods’s dividend payout ratio is presently 44.44%.
HRL has been the subject of a number of analyst reports. BMO Capital Markets set a $44.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research note on Friday, August 23rd. Stephens set a $37.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research note on Monday, August 12th. ValuEngine lowered shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Finally, Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a research note on Tuesday, August 27th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $40.10.
In other news, VP Deanna T. Brady sold 40,000 shares of Hormel Foods stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $44.03, for a total value of $1,761,200.00. Following the completion of the sale, the vice president now directly owns 75,172 shares in the company, valued at $3,309,823.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Glenn S. Forbes sold 3,128 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $43.65, for a total transaction of $136,537.20. Following the completion of the transaction, the director now directly owns 46,402 shares in the company, valued at approximately $2,025,447.30. The disclosure for this sale can be found here. Insiders sold 126,670 shares of company stock valued at $5,520,877 over the last quarter. Company insiders own 1.11% of the company’s stock.
Hormel Foods Company 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, 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.
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