Mirae Asset Global Investments Co. Ltd. Sells 67,772 Shares of Hormel Foods Co. (NYSE:HRL)

Mirae Asset Global Investments Co. Ltd. lowered its stake in shares of Hormel Foods Co. (NYSE:HRL) by 47.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 74,236 shares of the company’s stock after selling 67,772 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Hormel Foods were worth $2,384,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Hormel Foods by 30.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,273 shares of the company’s stock valued at $467,000 after purchasing an additional 2,867 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Hormel Foods by 2.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,626,471 shares of the company’s stock valued at $61,855,000 after purchasing an additional 35,731 shares during the period. Mirabella Financial Services LLP acquired a new position in shares of Hormel Foods during the third quarter valued at about $1,164,000. Stifel Financial Corp raised its holdings in shares of Hormel Foods by 7.2% during the third quarter. Stifel Financial Corp now owns 2,510,004 shares of the company’s stock valued at $95,455,000 after purchasing an additional 167,920 shares during the period. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Hormel Foods during the third quarter valued at about $1,537,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Insider Activity at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $35.00, for a total transaction of $539,000.00. Following the sale, the vice president now owns 68,029 shares in the company, valued at $2,381,015. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 40,800 shares of company stock worth $1,414,872. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Trading Up 1.0 %

Shares of HRL stock opened at $34.38 on Friday. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $41.73. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.79 and a current ratio of 1.49. The company has a 50-day simple moving average of $33.10 and a two-hundred day simple moving average of $32.49. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 23.55, a PEG ratio of 3.26 and a beta of 0.27.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The business had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.91 billion. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Research analysts anticipate that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, March 25th will be paid a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, April 12th. Hormel Foods’s payout ratio is currently 77.40%.

Analysts Set New Price Targets

HRL has been the subject of several recent research reports. Barclays boosted their target price on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. boosted their target price on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Citigroup initiated coverage on shares of Hormel Foods in a research report on Thursday, February 1st. They set a “neutral” rating and a $31.00 target price for the company. The Goldman Sachs Group boosted their target price on shares of Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. Finally, Piper Sandler boosted their target price on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.00.

Hormel Foods Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.