Metropolitan Life Insurance Co NY raised its holdings in Hormel Foods Corp (NYSE:HRL) by 2.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,277 shares of the company’s stock after purchasing an additional 943 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Hormel Foods were worth $1,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in HRL. MUFG Americas Holdings Corp bought a new position in Hormel Foods in the 2nd quarter valued at $35,000. TRUE Private Wealth Advisors bought a new position in shares of Hormel Foods during the 2nd quarter worth $36,000. Dougherty Wealth Advisers LLC grew its stake in shares of Hormel Foods by 350.0% during the 2nd quarter. Dougherty Wealth Advisers LLC now owns 900 shares of the company’s stock worth $36,000 after acquiring an additional 700 shares during the period. CSat Investment Advisory L.P. grew its stake in shares of Hormel Foods by 153.8% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,452 shares of the company’s stock worth $59,000 after acquiring an additional 880 shares during the period. Finally, Pearl River Capital LLC bought a new position in shares of Hormel Foods during the 2nd quarter worth $73,000. Hedge funds and other institutional investors own 43.81% of the company’s stock.
Several research analysts have recently weighed in on the company. Bank of America assumed coverage on Hormel Foods in a research note on Friday, October 25th. They set an “underperform” rating and a $40.00 price target for the company. Zacks Investment Research upgraded Hormel Foods from a “sell” rating to a “hold” rating and set a $47.00 price target for the company in a research note on Wednesday, November 27th. Stephens reiterated a “hold” rating and set a $43.00 price target (up previously from $37.00) on shares of Hormel Foods in a research note on Wednesday, November 27th. ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a research note on Monday, November 11th. Finally, BMO Capital Markets set a $44.00 price target on Hormel Foods and gave the stock a “hold” rating in a research note on Friday, August 23rd. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.90.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Tuesday, November 26th. The company reported $0.47 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.47. The business had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.51 billion. Hormel Foods had a return on equity of 16.14% and a net margin of 10.31%. The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 EPS. Equities analysts predict that Hormel Foods Corp will post 1.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, January 13th will be issued a dividend of $0.2325 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.93 dividend on an annualized basis and a yield of 2.06%. Hormel Foods’s dividend payout ratio is 48.28%.
In related news, VP Lori J. Marco sold 11,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $45.08, for a total transaction of $495,880.00. Following the sale, the vice president now owns 36,178 shares of the company’s stock, valued at approximately $1,630,904.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin L. Myers sold 2,171 shares of the stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $44.00, for a total value of $95,524.00. Following the sale, the senior vice president now directly owns 15,841 shares in the company, valued at approximately $697,004. The disclosure for this sale can be found here. Insiders have sold a total of 126,579 shares of company stock worth $5,546,133 in the last three months. 1.11% of the stock is currently owned by 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, 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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