Allianz Asset Management GmbH Reduces Stock Position in Hormel Foods Co. (NYSE:HRL)

Allianz Asset Management GmbH lessened its holdings in shares of Hormel Foods Co. (NYSE:HRLFree Report) by 54.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,835 shares of the company’s stock after selling 49,909 shares during the period. Allianz Asset Management GmbH’s holdings in Hormel Foods were worth $1,343,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. boosted its stake in shares of Hormel Foods by 2.8% during the 3rd quarter. Invesco Ltd. now owns 6,014,570 shares of the company’s stock valued at $228,734,000 after purchasing an additional 165,563 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Hormel Foods by 6.0% in the 3rd quarter. Northern Trust Corp now owns 3,059,847 shares of the company’s stock valued at $116,366,000 after purchasing an additional 172,110 shares during the period. Stifel Financial Corp increased its stake in shares of Hormel Foods by 5.8% in the 4th quarter. Stifel Financial Corp now owns 2,654,609 shares of the company’s stock worth $85,239,000 after acquiring an additional 144,605 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Hormel Foods by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,450,447 shares of the company’s stock worth $78,679,000 after acquiring an additional 56,189 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Hormel Foods in the fourth quarter worth approximately $62,323,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Analyst Ratings Changes

HRL has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research note on Friday, March 1st. Stephens reissued an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a research report on Friday, May 31st. Barclays upped their price target on shares of Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Finally, Citigroup decreased their price target on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $31.67.

Get Our Latest Report on Hormel Foods

Insider Buying and Selling

In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $35.00, for a total transaction of $539,000.00. Following the completion of the transaction, the vice president now owns 68,029 shares in the company, valued at $2,381,015. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Mark A. Coffey sold 15,400 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $35.00, for a total value of $539,000.00. Following the transaction, the vice president now owns 68,029 shares of the company’s stock, valued at approximately $2,381,015. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the completion of the sale, the senior vice president now directly owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by corporate insiders.

Hormel Foods Trading Down 0.8 %

HRL opened at $30.64 on Monday. The stock has a 50-day moving average of $34.53 and a 200 day moving average of $32.79. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73. The firm has a market cap of $16.80 billion, a P/E ratio of 21.89, a P/E/G ratio of 2.94 and a beta of 0.25.

Hormel Foods (NYSE:HRLGet Free Report) last announced its earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The company’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 EPS. As a group, research analysts forecast that Hormel Foods Co. will post 1.59 EPS for the current year.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a dividend of $0.2825 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.13 annualized dividend and a yield of 3.69%. Hormel Foods’s payout ratio is 80.71%.

About Hormel Foods

(Free Report)

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.

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

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