Ethic Inc. grew its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 17.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,864 shares of the company’s stock after purchasing an additional 2,841 shares during the period. Ethic Inc.’s holdings in Hormel Foods were worth $901,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. IFM Investors Pty Ltd boosted its position in Hormel Foods by 25.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 37,453 shares of the company’s stock worth $1,788,000 after acquiring an additional 7,625 shares during the period. Handelsbanken Fonder AB grew its holdings in Hormel Foods by 43.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 100,844 shares of the company’s stock valued at $4,815,000 after buying an additional 30,384 shares during the last quarter. Advisor Group Holdings Inc. grew its holdings in shares of Hormel Foods by 4.8% during the 2nd quarter. Advisor Group Holdings Inc. now owns 136,207 shares of the company’s stock worth $6,504,000 after purchasing an additional 6,223 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Hormel Foods by 2.2% in the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 247,273 shares of the company’s stock valued at $11,815,000 after buying an additional 5,376 shares in the last quarter. Finally, Morgan Stanley raised its position in Hormel Foods by 11.3% in the 1st quarter. Morgan Stanley now owns 1,104,600 shares of the company’s stock valued at $52,778,000 after purchasing an additional 112,091 shares during the last quarter. 40.48% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on HRL shares. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating and set a $52.00 target price for the company in a research note on Friday, May 21st. Barclays reduced their price objective on Hormel Foods from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, September 3rd. TheStreet cut Hormel Foods from a “b” rating to a “c+” rating in a research report on Tuesday, September 7th. Finally, Credit Suisse Group reduced their price objective on Hormel Foods from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, September 7th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $44.80.
HRL opened at $42.41 on Wednesday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.01 and a current ratio of 2.15. The business’s 50-day simple moving average is $45.81 and its 200 day simple moving average is $47.04. The firm has a market capitalization of $23.01 billion, a PE ratio of 26.84, a PEG ratio of 3.40 and a beta of -0.07. Hormel Foods Co. has a 52-week low of $41.91 and a 52-week high of $52.51.
Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 1st. The company reported $0.39 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.39. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.73 billion. Hormel Foods had a return on equity of 13.54% and a net margin of 8.32%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.37 earnings per share. On average, research analysts forecast that Hormel Foods Co. will post 1.7 earnings per share for the current year.
Hormel Foods Profile
Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold in the retail market.
Featured Story: What are the disadvantages of after-hours trading?
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.