Baird Financial Group Inc. trimmed its position in Hormel Foods Corp (NYSE:HRL) by 20.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,556 shares of the company’s stock after selling 1,671 shares during the quarter. Baird Financial Group Inc.’s holdings in Hormel Foods were worth $244,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in HRL. American International Group Inc. increased its stake in Hormel Foods by 20.3% in the first quarter. American International Group Inc. now owns 123,340 shares of the company’s stock valued at $4,233,000 after acquiring an additional 20,847 shares during the last quarter. Korea Investment CORP increased its stake in Hormel Foods by 21,782.9% in the first quarter. Korea Investment CORP now owns 56,458 shares of the company’s stock valued at $1,938,000 after acquiring an additional 56,200 shares during the last quarter. Federated Investors Inc. PA increased its stake in Hormel Foods by 79.1% in the first quarter. Federated Investors Inc. PA now owns 10,589 shares of the company’s stock valued at $363,000 after acquiring an additional 4,678 shares during the last quarter. Toronto Dominion Bank increased its stake in Hormel Foods by 85.9% in the first quarter. Toronto Dominion Bank now owns 217,976 shares of the company’s stock valued at $7,479,000 after acquiring an additional 100,751 shares during the last quarter. Finally, Thomas White International Ltd. bought a new position in Hormel Foods in the first quarter valued at approximately $306,000. 41.82% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently issued reports on HRL shares. Barclays cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price objective on the stock. in a research note on Friday, August 24th. Zacks Investment Research raised shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Wednesday, May 30th. Mizuho cut shares of Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price objective on the stock. in a research note on Wednesday, July 25th. Jefferies Financial Group reissued a “buy” rating and issued a $42.00 price objective on shares of Hormel Foods in a research note on Thursday, May 31st. Finally, Stephens cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 17th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Hormel Foods presently has an average rating of “Hold” and an average price target of $36.90.
Hormel Foods (NYSE:HRL) last issued its earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Hormel Foods had a net margin of 10.18% and a return on equity of 17.44%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. equities analysts anticipate that Hormel Foods Corp will post 1.76 EPS for the current fiscal year.
In other Hormel Foods news, Director Robert Nakasone sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 6th. The shares were sold at an average price of $37.30, for a total value of $373,000.00. Following the sale, the director now owns 120,973 shares in the company, valued at $4,512,292.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas R. Day sold 11,856 shares of the firm’s stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $38.52, for a total transaction of $456,693.12. Following the completion of the sale, the vice president now owns 4,964 shares in the company, valued at approximately $191,213.28. The disclosure for this sale can be found here. Insiders sold 151,898 shares of company stock worth $6,045,895 in the last 90 days. Company insiders own 3.54% of the company’s stock.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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