Harfst & Associates Inc. raised its stake in Hormel Foods Corp (NYSE:HRL) by 8.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 16,069 shares of the company’s stock after acquiring an additional 1,306 shares during the period. Harfst & Associates Inc.’s holdings in Hormel Foods were worth $651,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of HRL. Geode Capital Management LLC increased its holdings in shares of Hormel Foods by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 4,248,495 shares of the company’s stock valued at $181,055,000 after buying an additional 598,442 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Hormel Foods by 11.4% in the first quarter. Raymond James & Associates now owns 256,314 shares of the company’s stock valued at $11,473,000 after buying an additional 26,218 shares in the last quarter. Stratos Wealth Partners LTD. bought a new position in shares of Hormel Foods in the first quarter valued at $242,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Hormel Foods by 7.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,939 shares of the company’s stock valued at $713,000 after buying an additional 1,065 shares in the last quarter. Finally, Mason Street Advisors LLC increased its holdings in shares of Hormel Foods by 1.2% in the first quarter. Mason Street Advisors LLC now owns 38,896 shares of the company’s stock valued at $1,741,000 after buying an additional 457 shares in the last quarter. 44.34% of the stock is currently owned by institutional investors.
In other news, VP Deanna T. Brady sold 40,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $44.03, for a total value of $1,761,200.00. Following the transaction, the vice president now directly owns 75,172 shares of the company’s stock, valued at $3,309,823.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Nakasone sold 3,962 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $43.01, for a total transaction of $170,405.62. Following the completion of the transaction, the director now directly owns 74,275 shares in the company, valued at $3,194,567.75. The disclosure for this sale can be found here. Insiders sold 113,730 shares of company stock worth $4,956,035 over the last ninety days. 1.11% of the stock is currently owned by company insiders.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 22nd. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.02. Hormel Foods had a net margin of 10.34% and a return on equity of 16.75%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the business posted $0.39 earnings per share. Hormel Foods’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts anticipate that Hormel Foods Corp will post 1.74 earnings per share for the current year.
Several analysts have issued reports on the stock. ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Piper Jaffray Companies set a $46.00 target price on shares of Hormel Foods and gave the company a “buy” rating in a research note on Thursday, May 23rd. BMO Capital Markets set a $44.00 target price on shares of Hormel Foods and gave the company a “hold” rating in a research note on Friday, August 23rd. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research note on Tuesday, August 27th. Finally, Buckingham Research cut their target price on shares of Hormel Foods from $38.00 to $35.00 and set a “neutral” rating on the stock in a research note on Friday, May 24th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $40.10.
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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