California Public Employees Retirement System lessened its position in Hormel Foods Co. (NYSE:HRL) by 0.9% in the 2nd quarter, Holdings Channel reports. The firm owned 2,243,338 shares of the company’s stock after selling 20,388 shares during the period. California Public Employees Retirement System’s holdings in Hormel Foods were worth $107,119,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. O Shaughnessy Asset Management LLC increased its stake in Hormel Foods by 789.6% in the second quarter. O Shaughnessy Asset Management LLC now owns 943 shares of the company’s stock valued at $45,000 after purchasing an additional 837 shares in the last quarter. Pflug Koory LLC acquired a new position in shares of Hormel Foods in the second quarter valued at approximately $53,000. CSat Investment Advisory L.P. boosted its holdings in shares of Hormel Foods by 33.3% in the first quarter. CSat Investment Advisory L.P. now owns 1,246 shares of the company’s stock valued at $60,000 after buying an additional 311 shares during the period. Bbva USA acquired a new position in shares of Hormel Foods in the second quarter valued at approximately $62,000. Finally, Keel Point LLC acquired a new position in shares of Hormel Foods in the second quarter valued at approximately $1,142,000. 40.48% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on HRL shares. Credit Suisse Group reduced their price target on shares of Hormel Foods from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, September 7th. TheStreet cut shares of Hormel Foods from a “b” rating to a “c+” rating in a report on Tuesday, September 7th. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and set a $42.00 price target for the company in a report on Friday, October 8th. Finally, Barclays reduced their price target on shares of Hormel Foods from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Friday, September 3rd. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.20.
Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 1st. The company reported $0.39 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.39. Hormel Foods had a net margin of 8.32% and a return on equity of 13.54%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.73 billion. During the same quarter in the prior year, the company posted $0.37 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. As a group, research analysts predict that Hormel Foods Co. will post 1.7 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 15th. Shareholders of record on Monday, October 18th will be paid a $0.245 dividend. This represents a $0.98 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Friday, October 15th. Hormel Foods’s dividend payout ratio is currently 59.04%.
Hormel Foods Company 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.
See Also: What is Depreciation?
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Co. (NYSE:HRL).
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.