Great Lakes Advisors LLC trimmed its holdings in Hormel Foods Corp (NYSE:HRL) by 5.7% during the 1st quarter, HoldingsChannel reports. The fund owned 31,822 shares of the company’s stock after selling 1,918 shares during the period. Great Lakes Advisors LLC’s holdings in Hormel Foods were worth $1,424,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in HRL. JPMorgan Chase & Co. increased its stake in shares of Hormel Foods by 34.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,311,256 shares of the company’s stock valued at $51,664,000 after acquiring an additional 332,384 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Hormel Foods by 3.8% in the 3rd quarter. Legal & General Group Plc now owns 1,425,942 shares of the company’s stock valued at $56,182,000 after acquiring an additional 51,924 shares during the last quarter. Vanguard Group Inc increased its stake in shares of Hormel Foods by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 32,167,606 shares of the company’s stock valued at $1,267,403,000 after acquiring an additional 410,107 shares during the last quarter. Strs Ohio increased its stake in shares of Hormel Foods by 76.8% in the 4th quarter. Strs Ohio now owns 62,559 shares of the company’s stock valued at $2,670,000 after acquiring an additional 27,171 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its stake in shares of Hormel Foods by 10.0% in the 4th quarter. IFM Investors Pty Ltd now owns 16,808 shares of the company’s stock valued at $717,000 after acquiring an additional 1,525 shares during the last quarter. Institutional investors and hedge funds own 44.29% of the company’s stock.
In related news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.13, for a total transaction of $189,585.00. Following the completion of the sale, the director now directly owns 101,067 shares of the company’s stock, valued at approximately $4,257,952.71. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Lori J. Marco sold 13,000 shares of the stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $41.56, for a total value of $540,280.00. Following the sale, the vice president now directly owns 48,304 shares of the company’s stock, valued at $2,007,514.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 274,705 shares of company stock valued at $12,116,336. 1.11% of the stock is owned by company insiders.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, May 23rd. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.37 billion. During the same period in the prior year, the business earned $0.44 EPS. Hormel Foods’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts expect that Hormel Foods Corp will post 1.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.84 dividend on an annualized basis and a yield of 2.15%. Hormel Foods’s payout ratio is 44.44%.
A number of analysts have recently commented on HRL shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $44.00 price target on shares of Hormel Foods in a research note on Thursday, February 21st. Credit Suisse Group reaffirmed a “hold” rating and issued a $39.00 price target on shares of Hormel Foods in a research note on Thursday, February 21st. Zacks Investment Research raised Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Thursday, February 28th. Stephens started coverage on Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating for the company. Finally, ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Hormel Foods has a consensus rating of “Hold” and a consensus price target of $40.20.
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Hormel Foods Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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