Hormel Foods Co. (NYSE:HRL) Shares Sold by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC trimmed its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 2.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 36,046 shares of the company’s stock after selling 907 shares during the period. Main Street Financial Solutions LLC’s holdings in Hormel Foods were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Marshall Wace LLP lifted its stake in Hormel Foods by 86.4% in the second quarter. Marshall Wace LLP now owns 1,602,732 shares of the company’s stock valued at $48,867,000 after buying an additional 742,859 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Hormel Foods by 24.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,976,257 shares of the company’s stock worth $90,738,000 after purchasing an additional 575,378 shares during the period. AQR Capital Management LLC grew its holdings in Hormel Foods by 59.1% during the second quarter. AQR Capital Management LLC now owns 1,244,448 shares of the company’s stock worth $37,470,000 after acquiring an additional 462,283 shares during the period. Millennium Management LLC raised its holdings in shares of Hormel Foods by 15.4% in the 2nd quarter. Millennium Management LLC now owns 3,089,868 shares of the company’s stock worth $94,210,000 after purchasing an additional 412,313 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Hormel Foods by 328.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 514,116 shares of the company’s stock valued at $16,297,000 after acquiring an additional 394,068 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Insiders Place Their Bets

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the transaction, the vice president now owns 30,589 shares in the company, valued at $976,094.99. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the transaction, the vice president now directly owns 30,589 shares in the company, valued at approximately $976,094.99. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now directly owns 39,050 shares in the company, valued at approximately $1,276,935. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,400 shares of company stock valued at $2,288,338. Corporate insiders own 0.69% of the company’s stock.

Hormel Foods Stock Performance

Hormel Foods stock opened at $30.39 on Thursday. Hormel Foods Co. has a one year low of $28.51 and a one year high of $36.86. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 21.40, a P/E/G ratio of 3.22 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The firm has a 50-day moving average of $31.34 and a 200-day moving average of $32.01.

Hormel Foods (NYSE:HRL) last posted its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, equities analysts expect that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.282 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Tuesday, October 15th. Hormel Foods’s dividend payout ratio is currently 79.58%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on HRL shares. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and boosted their target price for the company from $33.00 to $37.00 in a research note on Tuesday, August 13th. Stephens started coverage on shares of Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price for the company. Finally, BNP Paribas began coverage on Hormel Foods in a research note on Monday, October 21st. They set an “underperform” rating and a $28.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.57.

Hormel Foods Profile

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.