Hormel Foods Co. (NYSE:HRL) Shares Sold by Bank of America Corp DE

Bank of America Corp DE trimmed its stake in Hormel Foods Co. (NYSE:HRL) by 30.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 574,466 shares of the company’s stock after selling 253,513 shares during the quarter. Bank of America Corp DE owned about 0.10% of Hormel Foods worth $18,021,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of HRL. Bearing Point Capital LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth $461,000. Alyeska Investment Group L.P. acquired a new stake in Hormel Foods during the fourth quarter worth about $10,517,000. Aptus Capital Advisors LLC raised its holdings in shares of Hormel Foods by 17.6% in the 4th quarter. Aptus Capital Advisors LLC now owns 8,750 shares of the company’s stock worth $274,000 after purchasing an additional 1,308 shares during the period. Ancora Advisors LLC lifted its stake in shares of Hormel Foods by 5.9% in the 4th quarter. Ancora Advisors LLC now owns 74,307 shares of the company’s stock valued at $2,331,000 after purchasing an additional 4,172 shares in the last quarter. Finally, DoubleLine ETF Adviser LP lifted its stake in shares of Hormel Foods by 3.0% in the 4th quarter. DoubleLine ETF Adviser LP now owns 17,239 shares of the company’s stock valued at $541,000 after purchasing an additional 497 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Insider Buying and Selling at Hormel Foods

In other news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the transaction, the director now directly owns 95,488 shares in the company, valued at approximately $2,902,835.20. This represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Hormel Foods Price Performance

Shares of HRL stock opened at $30.15 on Wednesday. The firm has a fifty day simple moving average of $29.93 and a 200-day simple moving average of $30.29. The company has a market capitalization of $16.58 billion, a PE ratio of 20.65, a price-to-earnings-growth ratio of 2.73 and a beta of 0.34. Hormel Foods Co. has a twelve month low of $27.59 and a twelve month high of $36.80. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, July 14th will be given a $0.29 dividend. The ex-dividend date of this dividend is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.85%. Hormel Foods’s payout ratio is currently 84.67%.

Analysts Set New Price Targets

HRL has been the topic of several research reports. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Stephens reissued an “equal weight” rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Tuesday, February 18th. Finally, Bank of America raised shares of Hormel Foods from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.33.

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.