World Asset Management Inc raised its position in Hormel Foods Corp (NYSE:HRL) by 16.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,960 shares of the company’s stock after buying an additional 5,206 shares during the period. World Asset Management Inc’s holdings in Hormel Foods Corp were worth $1,280,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in HRL. Mairs & Power INC increased its position in Hormel Foods Corp by 2.7% in the third quarter. Mairs & Power INC now owns 4,318,895 shares of the company’s stock worth $163,816,000 after buying an additional 115,335 shares during the last quarter. Norges Bank acquired a new position in Hormel Foods Corp during the fourth quarter worth approximately $106,515,000. 1832 Asset Management L.P. increased its position in Hormel Foods Corp by 23,155.0% in the third quarter. 1832 Asset Management L.P. now owns 2,325,500 shares of the company’s stock worth $88,202,000 after buying an additional 2,315,500 shares during the last quarter. Dividend Assets Capital LLC increased its position in Hormel Foods Corp by 0.3% in the third quarter. Dividend Assets Capital LLC now owns 1,980,367 shares of the company’s stock worth $75,115,000 after buying an additional 6,792 shares during the last quarter. Finally, Credit Suisse AG increased its position in Hormel Foods Corp by 20.5% in the third quarter. Credit Suisse AG now owns 1,789,494 shares of the company’s stock worth $67,875,000 after buying an additional 304,025 shares during the last quarter. 33.52% of the stock is owned by institutional investors.
Shares of Hormel Foods Corp (NYSE:HRL) traded up 1.79% during midday trading on Friday, hitting $34.76. 1,589,082 shares of the company were exchanged. Hormel Foods Corp has a one year low of $33.18 and a one year high of $40.00. The company has a market capitalization of $18.39 billion, a P/E ratio of 21.07 and a beta of 0.49. The company has a 50-day moving average of $34.55 and a 200 day moving average of $35.29.
Hormel Foods Corp (NYSE:HRL) last posted its earnings results on Thursday, February 23rd. The company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by $0.01. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. Hormel Foods Corp had a return on equity of 20.56% and a net margin of 9.35%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period last year, the company posted $0.43 EPS. On average, equities research analysts expect that Hormel Foods Corp will post $1.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Tuesday, April 18th were issued a $0.17 dividend. The ex-dividend date of this dividend was Thursday, April 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.99%. Hormel Foods Corp’s dividend payout ratio (DPR) is currently 41.46%.
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A number of equities research analysts recently issued reports on the stock. Zacks Investment Research cut shares of Hormel Foods Corp from a “buy” rating to a “hold” rating in a research report on Monday, February 27th. BMO Capital Markets reiterated a “buy” rating and set a $45.00 target price on shares of Hormel Foods Corp in a research report on Thursday, March 30th. Finally, Credit Suisse Group AG set a $41.00 target price on shares of Hormel Foods Corp and gave the stock a “buy” rating in a research report on Saturday, February 25th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $40.75.
In other news, insider Thomas R. Day sold 11,650 shares of the stock in a transaction dated Tuesday, April 11th. The shares were sold at an average price of $34.25, for a total value of $399,012.50. Following the completion of the transaction, the insider now owns 4,836 shares of the company’s stock, valued at $165,633. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Donald H. Kremin sold 27,852 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $34.66, for a total transaction of $965,350.32. Following the completion of the transaction, the insider now directly owns 112,746 shares of the company’s stock, valued at approximately $3,907,776.36. The disclosure for this sale can be found here. Insiders sold 85,787 shares of company stock valued at $2,955,553 in the last three months. Company insiders own 3.54% of the company’s stock.
Hormel Foods Corp Company Profile
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