Hormel Foods Co. (NYSE:HRL) Shares Sold by Echo Street Capital Management LLC

Echo Street Capital Management LLC trimmed its position in Hormel Foods Co. (NYSE:HRLGet Rating) by 44.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,400 shares of the company’s stock after selling 22,365 shares during the period. Echo Street Capital Management LLC’s holdings in Hormel Foods were worth $1,412,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Capital International Investors lifted its position in shares of Hormel Foods by 21.8% during the 4th quarter. Capital International Investors now owns 13,780,558 shares of the company’s stock valued at $672,613,000 after acquiring an additional 2,463,310 shares during the last quarter. GQG Partners LLC acquired a new stake in Hormel Foods during the 1st quarter valued at $57,529,000. State Street Corp raised its stake in Hormel Foods by 3.8% during the 4th quarter. State Street Corp now owns 29,141,779 shares of the company’s stock valued at $1,422,410,000 after purchasing an additional 1,079,695 shares during the period. Renaissance Technologies LLC raised its stake in Hormel Foods by 58.1% during the 1st quarter. Renaissance Technologies LLC now owns 2,764,663 shares of the company’s stock valued at $142,491,000 after purchasing an additional 1,016,300 shares during the period. Finally, BlackRock Inc. raised its stake in Hormel Foods by 2.0% during the 4th quarter. BlackRock Inc. now owns 28,688,282 shares of the company’s stock valued at $1,400,275,000 after purchasing an additional 558,537 shares during the period. 39.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Piper Sandler cut their target price on shares of Hormel Foods from $48.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, September 2nd. Stephens cut their target price on shares of Hormel Foods to $52.00 in a research note on Tuesday, September 6th. Finally, Credit Suisse Group cut their target price on shares of Hormel Foods to $44.00 in a research note on Friday, June 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Hormel Foods has an average rating of “Hold” and an average target price of $48.67.

Insider Buying and Selling

In related news, Director Christopher J. Policinski sold 2,110 shares of the company’s stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total value of $97,629.70. Following the completion of the sale, the director now directly owns 85,254 shares in the company, valued at $3,944,702.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Hormel Foods Trading Up 0.0 %

NYSE HRL opened at $46.86 on Monday. Hormel Foods Co. has a 1-year low of $40.48 and a 1-year high of $55.11. The company has a current ratio of 2.40, a quick ratio of 1.21 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $25.59 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 3.55 and a beta of 0.12. The firm’s fifty day simple moving average is $48.85 and its 200-day simple moving average is $49.54.

Hormel Foods (NYSE:HRLGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). Hormel Foods had a return on equity of 13.92% and a net margin of 7.93%. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3 billion. During the same period last year, the company posted $0.39 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hormel Foods Co. will post 1.81 earnings per share for the current fiscal year.

Hormel Foods Profile

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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.

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

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