Crossmark Global Holdings Inc. raised its position in Hormel Foods Corp (NYSE:HRL) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,244 shares of the company’s stock after purchasing an additional 1,987 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Hormel Foods were worth $2,809,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the company. Wells Fargo & Company MN increased its holdings in Hormel Foods by 25.7% during the first quarter. Wells Fargo & Company MN now owns 665,200 shares of the company’s stock valued at $29,775,000 after buying an additional 135,871 shares during the period. Commonwealth Equity Services LLC increased its holdings in Hormel Foods by 3.3% during the first quarter. Commonwealth Equity Services LLC now owns 108,499 shares of the company’s stock valued at $4,856,000 after buying an additional 3,457 shares during the period. Wealthfront Advisers LLC increased its holdings in Hormel Foods by 99.4% during the first quarter. Wealthfront Advisers LLC now owns 14,248 shares of the company’s stock valued at $638,000 after buying an additional 7,102 shares during the period. Andra AP fonden purchased a new position in Hormel Foods during the first quarter valued at approximately $5,170,000. Finally, AdvisorNet Financial Inc increased its holdings in Hormel Foods by 5.3% during the first quarter. AdvisorNet Financial Inc now owns 43,127 shares of the company’s stock valued at $1,930,000 after buying an additional 2,186 shares during the period. 44.34% of the stock is currently owned by institutional investors and hedge funds.
HRL stock opened at $41.16 on Friday. The stock has a market capitalization of $23.00 billion, a P/E ratio of 21.78, a P/E/G ratio of 2.91 and a beta of 0.06. The firm has a 50-day simple moving average of $42.90 and a 200-day simple moving average of $41.50. The company has a quick ratio of 1.06, a current ratio of 2.09 and a debt-to-equity ratio of 0.04. Hormel Foods Corp has a 52 week low of $37.00 and a 52 week high of $46.26.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, October 21st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.84 dividend on an annualized basis and a yield of 2.04%. Hormel Foods’s payout ratio is presently 44.44%.
HRL has been the subject of several recent analyst reports. 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 upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 target price for the company in a research report on Tuesday, August 27th. Stephens set a $37.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a report on Monday, August 12th. Finally, ValuEngine cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $40.10.
In other Hormel Foods news, Director Glenn S. Forbes sold 3,128 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $43.65, for a total value of $136,537.20. Following the transaction, the director now directly owns 46,402 shares in the company, valued at approximately $2,025,447.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jana L. Haynes sold 26,506 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $42.65, for a total transaction of $1,130,480.90. Following the completion of the transaction, the vice president now owns 2,500 shares in the company, valued at $106,625. The disclosure for this sale can be found here. Insiders have sold 126,670 shares of company stock worth $5,520,877 over the last 90 days. 1.11% of the stock is currently owned by company insiders.
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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