Russell Investments Group Ltd. Sells 127,479 Shares of Hormel Foods Co. (NYSE:HRL)

Russell Investments Group Ltd. lowered its position in Hormel Foods Co. (NYSE:HRLGet Rating) by 30.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 287,494 shares of the company’s stock after selling 127,479 shares during the period. Russell Investments Group Ltd. owned approximately 0.05% of Hormel Foods worth $14,812,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Advisor Group Holdings Inc. raised its stake in shares of Hormel Foods by 4.5% during the first quarter. Advisor Group Holdings Inc. now owns 223,665 shares of the company’s stock valued at $11,611,000 after acquiring an additional 9,555 shares in the last quarter. Prospera Financial Services Inc bought a new stake in shares of Hormel Foods during the first quarter valued at approximately $205,000. Victory Capital Management Inc. raised its stake in Hormel Foods by 10.3% in the first quarter. Victory Capital Management Inc. now owns 365,967 shares of the company’s stock worth $19,172,000 after buying an additional 34,034 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in Hormel Foods by 11.7% in the first quarter. Commonwealth Equity Services LLC now owns 167,522 shares of the company’s stock worth $8,634,000 after buying an additional 17,499 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Hormel Foods by 58.8% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 15,888 shares of the company’s stock worth $819,000 after buying an additional 5,883 shares in the last quarter. Institutional investors own 41.06% of the company’s stock.

Analyst Upgrades and Downgrades

HRL has been the subject of a number of recent research reports. Piper Sandler reduced their price objective on shares of Hormel Foods to $48.00 in a research note on Friday, June 3rd. Credit Suisse Group reduced their price objective on shares of Hormel Foods to $44.00 in a research note on Friday, June 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $47.83.

Insiders Place Their Bets

In other news, Director Christopher J. Policinski sold 2,110 shares of the business’s stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total transaction of $97,629.70. Following the sale, the director now directly owns 85,254 shares of the company’s stock, valued at $3,944,702.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Kevin L. Myers sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $45.07, for a total transaction of $225,350.00. Following the sale, the senior vice president now directly owns 32,869 shares of the company’s stock, valued at $1,481,405.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher J. Policinski sold 2,110 shares of the business’s stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total transaction of $97,629.70. Following the sale, the director now directly owns 85,254 shares in the company, valued at $3,944,702.58. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company’s stock.

Hormel Foods Price Performance

NYSE HRL opened at $48.93 on Friday. The firm’s fifty day simple moving average is $47.22 and its two-hundred day simple moving average is $49.19. The company has a current ratio of 2.28, a quick ratio of 1.20 and a debt-to-equity ratio of 0.45. Hormel Foods Co. has a 12-month low of $40.48 and a 12-month high of $55.11. The firm has a market capitalization of $26.72 billion, a P/E ratio of 27.96, a P/E/G ratio of 3.39 and a beta of 0.13.

Hormel Foods (NYSE:HRLGet Rating) last released its quarterly earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.02. Hormel Foods had a net margin of 7.70% and a return on equity of 14.10%. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $3.07 billion. During the same period in the previous year, the company earned $0.42 earnings per share. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. Analysts forecast that Hormel Foods Co. will post 1.87 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, July 11th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.13%. The ex-dividend date is Friday, July 8th. Hormel Foods’s dividend payout ratio is currently 59.43%.

About Hormel Foods

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

See Also

Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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