Truist Financial Corp Purchases 2,205 Shares of Hormel Foods Co. (NYSE:HRL)

Truist Financial Corp boosted its position in shares of Hormel Foods Co. (NYSE:HRLGet Rating) by 4.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,185 shares of the company’s stock after buying an additional 2,205 shares during the period. Truist Financial Corp’s holdings in Hormel Foods were worth $2,190,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HRL. Clear Street Markets LLC grew its holdings in shares of Hormel Foods by 413.0% in the second quarter. Clear Street Markets LLC now owns 590 shares of the company’s stock valued at $28,000 after purchasing an additional 475 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Hormel Foods in the 1st quarter worth about $41,000. LS Investment Advisors LLC purchased a new stake in shares of Hormel Foods during the 2nd quarter valued at about $48,000. Dupont Capital Management Corp bought a new position in shares of Hormel Foods in the 2nd quarter valued at about $48,000. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Hormel Foods by 56.5% in the 2nd quarter. Jones Financial Companies Lllp now owns 1,571 shares of the company’s stock valued at $74,000 after acquiring an additional 567 shares during the last quarter. Hedge funds and other institutional investors own 39.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. StockNews.com assumed coverage on shares of Hormel Foods in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Argus increased their price target on shares of Hormel Foods from $53.00 to $54.00 and gave the company a “buy” rating in a report on Friday, December 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $48.17.

Hormel Foods Stock Down 0.9 %

Shares of NYSE HRL opened at $46.10 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.47 and a quick ratio of 1.30. The company has a market cap of $25.19 billion, a P/E ratio of 25.19, a PEG ratio of 3.75 and a beta of 0.17. Hormel Foods Co. has a 1 year low of $44.21 and a 1 year high of $55.11. The firm has a 50-day simple moving average of $46.92 and a two-hundred day simple moving average of $47.34.

Hormel Foods (NYSE:HRLGet Rating) last announced its quarterly earnings data on Wednesday, November 30th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.33 billion. Hormel Foods had a net margin of 8.03% and a return on equity of 13.62%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 earnings per share. Research analysts anticipate that Hormel Foods Co. will post 1.89 earnings per share for the current year.

Hormel Foods Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 17th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, January 13th. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.39%. Hormel Foods’s dividend payout ratio (DPR) is 56.83%.

Insider Transactions at Hormel Foods

In other news, VP Patrick J. Connor sold 1,577 shares of the firm’s stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $46.88, for a total transaction of $73,929.76. Following the transaction, the vice president now directly owns 22,682 shares of the company’s stock, valued at $1,063,332.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO James P. Snee sold 31,283 shares of Hormel Foods stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $47.66, for a total transaction of $1,490,947.78. Following the transaction, the chief executive officer now directly owns 234,999 shares of the company’s stock, valued at $11,200,052.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Patrick J. Connor sold 1,577 shares of Hormel Foods stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $46.88, for a total transaction of $73,929.76. Following the transaction, the vice president now directly owns 22,682 shares in the company, valued at $1,063,332.16. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

Hormel Foods Company Profile

(Get Rating)

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.

Further Reading

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

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