NEXT Financial Group Inc purchased a new position in Hormel Foods Corp (NYSE:HRL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,970 shares of the company’s stock, valued at approximately $201,000.
A number of other institutional investors have also bought and sold shares of HRL. Legacy Capital Partners Inc. acquired a new stake in shares of Hormel Foods in the 2nd quarter valued at $215,000. Legacy Financial Strategies LLC lifted its stake in shares of Hormel Foods by 5.2% in the 2nd quarter. Legacy Financial Strategies LLC now owns 15,326 shares of the company’s stock valued at $632,000 after purchasing an additional 753 shares during the last quarter. Autus Asset Management LLC lifted its stake in shares of Hormel Foods by 5.2% in the 2nd quarter. Autus Asset Management LLC now owns 133,140 shares of the company’s stock valued at $5,398,000 after purchasing an additional 6,553 shares during the last quarter. Unigestion Holding SA lifted its stake in shares of Hormel Foods by 112.5% in the 2nd quarter. Unigestion Holding SA now owns 1,650,064 shares of the company’s stock valued at $66,894,000 after purchasing an additional 873,468 shares during the last quarter. Finally, 6 Meridian lifted its stake in shares of Hormel Foods by 2.9% in the 2nd quarter. 6 Meridian now owns 11,386 shares of the company’s stock valued at $462,000 after purchasing an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 43.56% of the company’s stock.
In other news, Director Robert Nakasone sold 18,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $39.89, for a total transaction of $718,020.00. Following the transaction, the director now owns 98,457 shares in the company, valued at approximately $3,927,449.73. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP James N. Sheehan sold 55,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $41.55, for a total transaction of $2,285,250.00. Following the transaction, the vice president now owns 60,000 shares in the company, valued at approximately $2,493,000. The disclosure for this sale can be found here. Insiders sold a total of 87,695 shares of company stock worth $3,601,503 in the last quarter. Insiders own 1.11% of the company’s stock.
Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, May 23rd. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. The firm had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.37 billion. Hormel Foods had a net margin of 10.38% and a return on equity of 17.31%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. As a group, research analysts forecast that Hormel Foods Corp will post 1.73 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $0.21 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.84 annualized dividend and a yield of 2.05%. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.
Several equities research analysts recently issued reports on HRL shares. JPMorgan Chase & Co. lowered shares of Hormel Foods from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $40.00 to $36.00 in a research note on Tuesday, April 23rd. Edward Jones downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Piper Jaffray Companies set a $46.00 target price on shares of Hormel Foods and gave the stock a “buy” rating in a report on Thursday, May 23rd. ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. Finally, Zacks Investment Research downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating and set a $43.00 target price on the stock. in a report on Friday, July 26th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $40.22.
About Hormel Foods
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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