Sigma Investment Counselors Inc. Lowers Stake in Hormel Foods Co. (NYSE:HRL)

Sigma Investment Counselors Inc. reduced its position in shares of Hormel Foods Co. (NYSE:HRLGet Rating) by 1.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 55,117 shares of the company’s stock after selling 645 shares during the period. Sigma Investment Counselors Inc.’s holdings in Hormel Foods were worth $2,610,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Regentatlantic Capital LLC boosted its stake in shares of Hormel Foods by 2.6% during the 1st quarter. Regentatlantic Capital LLC now owns 8,267 shares of the company’s stock worth $426,000 after acquiring an additional 210 shares in the last quarter. ICW Investment Advisors LLC lifted its stake in Hormel Foods by 0.6% in the 1st quarter. ICW Investment Advisors LLC now owns 37,134 shares of the company’s stock valued at $1,914,000 after buying an additional 215 shares in the last quarter. CENTRAL TRUST Co lifted its stake in Hormel Foods by 14.2% in the 1st quarter. CENTRAL TRUST Co now owns 1,804 shares of the company’s stock valued at $93,000 after buying an additional 225 shares in the last quarter. Arizona State Retirement System lifted its stake in Hormel Foods by 0.3% in the 1st quarter. Arizona State Retirement System now owns 81,882 shares of the company’s stock valued at $4,220,000 after buying an additional 226 shares in the last quarter. Finally, Wetherby Asset Management Inc. lifted its stake in Hormel Foods by 3.6% in the 4th quarter. Wetherby Asset Management Inc. now owns 6,923 shares of the company’s stock valued at $338,000 after buying an additional 239 shares in the last quarter. 39.95% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Hormel Foods

In other news, SVP Kevin L. Myers sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $47.20, for a total transaction of $236,000.00. Following the completion of the sale, the senior vice president now owns 32,954 shares in the company, valued at approximately $1,555,428.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.78% of the company’s stock.

Hormel Foods Trading Down 0.6 %

Shares of NYSE HRL traded down $0.29 during midday trading on Friday, reaching $46.76. 59,196 shares of the stock were exchanged, compared to its average volume of 1,805,786. The company has a 50 day simple moving average of $48.56 and a 200 day simple moving average of $49.31. The stock has a market capitalization of $25.54 billion, a P/E ratio of 25.55, a PEG ratio of 3.52 and a beta of 0.12. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.21 and a current ratio of 2.40. Hormel Foods Co. has a twelve month low of $40.48 and a twelve month high of $55.11.

Hormel Foods (NYSE:HRLGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. Hormel Foods had a return on equity of 13.92% and a net margin of 7.93%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, equities analysts expect that Hormel Foods Co. will post 1.81 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stephens decreased their price target on shares of Hormel Foods to $52.00 in a research note on Tuesday, September 6th. Credit Suisse Group decreased their target price on shares of Hormel Foods to $44.00 in a research note on Friday, June 3rd. Piper Sandler decreased their target price on shares of Hormel Foods from $48.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, September 2nd. Finally, Argus decreased their target price on shares of Hormel Foods from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus target price of $48.00.

About Hormel Foods

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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

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