Grandfield & Dodd LLC Buys 76,830 Shares of Hormel Foods Co. (NYSE:HRL)

Grandfield & Dodd LLC increased its stake in shares of Hormel Foods Co. (NYSE:HRL) by 10.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 839,621 shares of the company’s stock after buying an additional 76,830 shares during the quarter. Hormel Foods accounts for about 1.8% of Grandfield & Dodd LLC’s investment portfolio, making the stock its 20th largest position. Grandfield & Dodd LLC’s holdings in Hormel Foods were worth $29,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of the stock. CVA Family Office LLC bought a new position in shares of Hormel Foods during the first quarter valued at $31,000. Register Financial Advisors LLC acquired a new position in Hormel Foods in the first quarter valued at about $42,000. Capital Advisors Ltd. LLC grew its stake in Hormel Foods by 774.8% during the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock worth $42,000 after buying an additional 1,077 shares during the last quarter. Clarity Asset Management Inc. bought a new stake in Hormel Foods during the fourth quarter worth about $54,000. Finally, Lindbrook Capital LLC increased its holdings in shares of Hormel Foods by 396.9% during the first quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock worth $61,000 after buying an additional 1,397 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HRL shares. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Stephens reissued an “equal weight” rating and issued a $32.00 price objective on shares of Hormel Foods in a research note on Friday, May 31st. Finally, Citigroup decreased their target price on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.67.

Hormel Foods Trading Up 1.5 %

HRL traded up $0.46 during mid-day trading on Thursday, reaching $30.87. The stock had a trading volume of 2,579,976 shares, compared to its average volume of 2,842,229. The firm’s fifty day simple moving average is $32.39 and its two-hundred day simple moving average is $32.57. The stock has a market capitalization of $16.93 billion, a P/E ratio of 22.05, a P/E/G ratio of 2.89 and a beta of 0.24. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $41.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 earnings per share. On average, equities analysts predict that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Monday, July 15th. Hormel Foods’s dividend payout ratio (DPR) is 80.71%.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.