State Treasurer State of Michigan Boosts Position in Hormel Foods Corp. (HRL)
State Treasurer State of Michigan raised its stake in shares of Hormel Foods Corp. (NYSE:HRL) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 94,264 shares of the company’s stock after buying an additional 400 shares during the period. State Treasurer State of Michigan’s holdings in Hormel Foods Corp. were worth $3,575,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its position in Hormel Foods Corp. by 12.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,704,019 shares of the company’s stock valued at $62,369,000 after buying an additional 194,459 shares in the last quarter. Bank of Montreal Can acquired a new position in Hormel Foods Corp. during the second quarter valued at about $15,105,000. Chevy Chase Trust Holdings Inc. raised its position in Hormel Foods Corp. by 1.2% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 230,931 shares of the company’s stock valued at $8,453,000 after buying an additional 2,805 shares in the last quarter. Bristol Gate Capital Partners Inc. raised its position in shares of Hormel Foods Corp. by 38.0% in the second quarter. Bristol Gate Capital Partners Inc. now owns 783,965 shares of the company’s stock valued at $28,693,000 after buying an additional 215,986 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Hormel Foods Corp. by 104.2% in the first quarter. Arizona State Retirement System now owns 73,304 shares of the company’s stock valued at $3,170,000 after buying an additional 37,402 shares during the period. 33.38% of the stock is owned by institutional investors.
Shares of Hormel Foods Corp. (NYSE:HRL) traded up 0.42% during midday trading on Tuesday, hitting $35.47. The company had a trading volume of 2,417,361 shares. Hormel Foods Corp. has a 1-year low of $33.70 and a 1-year high of $45.72. The stock has a 50 day moving average price of $36.95 and a 200 day moving average price of $36.64. The firm has a market capitalization of $18.76 billion, a P/E ratio of 21.63 and a beta of 0.52.
Hormel Foods Corp. (NYSE:HRL) last posted its quarterly earnings results on Tuesday, November 22nd. The company reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.01. The company earned $2.63 billion during the quarter, compared to the consensus estimate of $2.62 billion. Hormel Foods Corp. had a net margin of 9.35% and a return on equity of 20.56%. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 earnings per share. On average, equities analysts anticipate that Hormel Foods Corp. will post $1.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Tuesday, January 17th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.92%. This is an increase from Hormel Foods Corp.’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Thursday, January 12th. Hormel Foods Corp.’s dividend payout ratio (DPR) is currently 35.37%.
Several equities analysts have weighed in on the company. BMO Capital Markets increased their price objective on Hormel Foods Corp. from $34.00 to $45.00 and gave the company an “outperform” rating in a report on Wednesday, November 23rd. Credit Suisse Group AG set a $41.00 price objective on Hormel Foods Corp. and gave the company a “buy” rating in a report on Wednesday, November 23rd. Zacks Investment Research raised Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Monday, November 21st. Vetr lowered Hormel Foods Corp. from a “strong-buy” rating to a “buy” rating and set a $42.00 price objective for the company. in a report on Monday, October 10th. Finally, Oppenheimer Holdings Inc. assumed coverage on Hormel Foods Corp. in a report on Friday, September 16th. They set a “market perform” rating and a $39.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $40.25.
In other Hormel Foods Corp. news, VP Brian Dean Johnson sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total value of $133,000.00. Following the completion of the transaction, the vice president now directly owns 26,119 shares in the company, valued at $992,522. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven G. Binder sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 13th. The shares were sold at an average price of $37.98, for a total value of $455,760.00. Following the completion of the transaction, the insider now owns 41,622 shares of the company’s stock, valued at $1,580,803.56. The disclosure for this sale can be found here. 3.54% of the stock is owned by company insiders.
Hormel Foods Corp. Company Profile
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