Bleakley Financial Group LLC Acquires New Stake in Hormel Foods Corporation $HRL

Bleakley Financial Group LLC acquired a new position in shares of Hormel Foods Corporation (NYSE:HRL) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 20,044 shares of the company’s stock, valued at approximately $454,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. GoalVest Advisory LLC purchased a new position in Hormel Foods during the fourth quarter worth about $25,000. MUFG Securities EMEA plc acquired a new position in Hormel Foods during the 2nd quarter worth approximately $26,000. Strive Financial Group LLC acquired a new position in Hormel Foods during the 4th quarter worth approximately $27,000. Motiv8 Investments LLC purchased a new position in shares of Hormel Foods during the 4th quarter worth approximately $28,000. Finally, Parkside Financial Bank & Trust raised its stake in shares of Hormel Foods by 354.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after buying an additional 1,025 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Insider Activity

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by company insiders.

Hormel Foods Trading Down 1.2%

Shares of HRL stock opened at $25.40 on Friday. The stock has a market cap of $13.98 billion, a P/E ratio of 29.88, a P/E/G ratio of 2.92 and a beta of 0.34. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.78. The business has a fifty day simple moving average of $23.49 and a 200-day simple moving average of $23.28.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.35 by $0.05. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.35 EPS. On average, analysts forecast that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be given a dividend of $0.2925 per share. The ex-dividend date is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a yield of 4.6%. Hormel Foods’s payout ratio is presently 137.65%.

Analyst Ratings Changes

Several analysts have recently commented on HRL shares. Stephens reissued an “equal weight” rating and issued a $25.00 price target on shares of Hormel Foods in a report on Thursday, July 9th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Hormel Foods in a research report on Tuesday, April 21st. BNP Paribas Exane raised their target price on Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, July 14th. Finally, The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research report on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $26.14.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.