Forsta AP Fonden reduced its holdings in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 58.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,700 shares of the company’s stock after selling 54,900 shares during the quarter. Forsta AP Fonden’s holdings in Hormel Foods were worth $1,833,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in HRL. Belpointe Asset Management LLC bought a new position in shares of Hormel Foods during the 1st quarter worth approximately $101,000. Daiwa Securities Group Inc. boosted its stake in Hormel Foods by 5.4% in the 1st quarter. Daiwa Securities Group Inc. now owns 18,053 shares of the company’s stock valued at $930,000 after purchasing an additional 917 shares during the period. Regentatlantic Capital LLC boosted its stake in Hormel Foods by 2.6% in the 1st quarter. Regentatlantic Capital LLC now owns 8,267 shares of the company’s stock valued at $426,000 after purchasing an additional 210 shares during the period. Mutual of America Capital Management LLC boosted its stake in Hormel Foods by 1.0% in the 1st quarter. Mutual of America Capital Management LLC now owns 37,862 shares of the company’s stock valued at $1,951,000 after purchasing an additional 357 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in Hormel Foods by 14.2% in the 1st quarter. CENTRAL TRUST Co now owns 1,804 shares of the company’s stock valued at $93,000 after purchasing an additional 225 shares during the period. 39.95% of the stock is currently owned by institutional investors.
Insider Transactions at Hormel Foods
In other news, SVP Kevin L. Myers sold 5,000 shares of the business’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $47.20, for a total transaction of $236,000.00. Following the completion of the transaction, the senior vice president now owns 32,954 shares of the company’s stock, valued at approximately $1,555,428.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.78% of the stock is owned by insiders.
Hormel Foods Price Performance
Hormel Foods (NYSE:HRL – Get Rating) last posted its quarterly earnings results on Thursday, September 1st. The company reported $0.40 EPS 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 business had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3 billion. During the same period last year, the firm posted $0.39 EPS. Hormel Foods’s quarterly revenue was up 6.0% on a year-over-year basis. As a group, equities analysts predict that Hormel Foods Co. will post 1.81 earnings per share for the current fiscal year.
Hormel Foods Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Monday, October 17th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Friday, October 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.14%. Hormel Foods’s dividend payout ratio (DPR) is currently 56.83%.
Wall Street Analysts Forecast Growth
HRL has been the subject of several recent research reports. Stephens reduced their price target on Hormel Foods to $52.00 in a research note on Tuesday, September 6th. StockNews.com started coverage on Hormel Foods in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Argus dropped their price objective on Hormel Foods from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, September 22nd. Finally, Piper Sandler dropped their price objective on Hormel Foods from $48.00 to $47.00 and set a “neutral” rating for the company in a report on Friday, September 2nd. 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $48.00.
Hormel Foods Company Profile
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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