6 Meridian Increases Position in Hormel Foods Corp (NYSE:HRL)

6 Meridian boosted its holdings in Hormel Foods Corp (NYSE:HRL) by 15.4% during the third quarter, Holdings Channel.com reports. The firm owned 13,140 shares of the company’s stock after acquiring an additional 1,754 shares during the quarter. 6 Meridian’s holdings in Hormel Foods were worth $575,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. MUFG Americas Holdings Corp bought a new position in shares of Hormel Foods in the second quarter worth approximately $35,000. TRUE Private Wealth Advisors bought a new position in shares of Hormel Foods in the second quarter worth approximately $36,000. Dougherty Wealth Advisers LLC lifted its stake in shares of Hormel Foods by 350.0% in the second quarter. Dougherty Wealth Advisers LLC now owns 900 shares of the company’s stock worth $36,000 after buying an additional 700 shares in the last quarter. CSat Investment Advisory L.P. lifted its stake in shares of Hormel Foods by 153.8% in the second quarter. CSat Investment Advisory L.P. now owns 1,452 shares of the company’s stock worth $59,000 after buying an additional 880 shares in the last quarter. Finally, Country Trust Bank lifted its stake in shares of Hormel Foods by 190.7% in the second quarter. Country Trust Bank now owns 1,692 shares of the company’s stock worth $69,000 after buying an additional 1,110 shares in the last quarter. Institutional investors and hedge funds own 44.40% of the company’s stock.

Several research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Tuesday, August 27th. ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Stephens set a $37.00 target price on shares of Hormel Foods and gave the stock a “hold” rating in a research note on Monday, August 12th. Finally, BMO Capital Markets set a $44.00 target price on shares of Hormel Foods and gave the stock a “hold” rating in a research note on Friday, August 23rd. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. Hormel Foods presently has a consensus rating of “Hold” and an average target price of $40.10.

In related news, Director Terrell K. Crews sold 9,046 shares of the stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $42.35, for a total transaction of $383,098.10. Following the transaction, the director now owns 113,305 shares in the company, valued at $4,798,466.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jana L. Haynes sold 26,506 shares of the stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $42.65, for a total transaction of $1,130,480.90. Following the transaction, the vice president now owns 2,500 shares in the company, valued at approximately $106,625. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 126,670 shares of company stock worth $5,520,877. 1.11% of the stock is owned by insiders.

Shares of Hormel Foods stock opened at $40.87 on Friday. The company has a market cap of $21.64 billion, a price-to-earnings ratio of 21.62, a price-to-earnings-growth ratio of 2.75 and a beta of 0.06. The company’s 50 day moving average is $42.51 and its 200 day moving average is $41.32. Hormel Foods Corp has a twelve month low of $37.00 and a twelve month high of $46.26. The company has a quick ratio of 1.06, a current ratio of 2.09 and a debt-to-equity ratio of 0.04.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. Hormel Foods had a net margin of 10.34% and a return on equity of 16.75%. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Sell-side analysts expect that Hormel Foods Corp will post 1.74 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, October 21st will be given a dividend of $0.21 per share. The ex-dividend date is Friday, October 18th. This represents a $0.84 dividend on an annualized basis and a yield of 2.06%. Hormel Foods’s dividend payout ratio (DPR) is 44.44%.

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.

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

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