BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Position in Hormel Foods Corp (HRL)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of Hormel Foods Corp (NYSE:HRL) by 11.2% in the third quarter, Holdings Channel reports. The firm owned 235,283 shares of the company’s stock after selling 29,726 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Hormel Foods were worth $9,270,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Advisor Partners LLC lifted its position in shares of Hormel Foods by 9.2% in the third quarter. Advisor Partners LLC now owns 13,826 shares of the company’s stock worth $545,000 after buying an additional 1,167 shares during the last quarter. FMR LLC lifted its position in shares of Hormel Foods by 2.7% in the third quarter. FMR LLC now owns 46,834 shares of the company’s stock worth $1,845,000 after buying an additional 1,250 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Hormel Foods by 3.0% in the second quarter. CIBC Asset Management Inc now owns 47,782 shares of the company’s stock worth $1,778,000 after buying an additional 1,383 shares during the last quarter. Gardner Russo & Gardner LLC lifted its position in shares of Hormel Foods by 0.9% in the third quarter. Gardner Russo & Gardner LLC now owns 160,023 shares of the company’s stock worth $6,305,000 after buying an additional 1,422 shares during the last quarter. Finally, HL Financial Services LLC lifted its position in shares of Hormel Foods by 9.7% in the second quarter. HL Financial Services LLC now owns 17,691 shares of the company’s stock worth $658,000 after buying an additional 1,563 shares during the last quarter. 42.28% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Lori J. Marco sold 7,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $41.50, for a total transaction of $290,500.00. Following the transaction, the vice president now directly owns 55,879 shares in the company, valued at $2,318,978.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas R. Day sold 48,596 shares of the business’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $45.54, for a total value of $2,213,061.84. Following the transaction, the executive vice president now owns 93,132 shares in the company, valued at $4,241,231.28. The disclosure for this sale can be found here. Insiders sold 218,161 shares of company stock worth $9,563,359 over the last quarter. 3.54% of the stock is currently owned by corporate insiders.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Tuesday, November 20th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.02. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.57 billion. Hormel Foods had a return on equity of 18.01% and a net margin of 10.60%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.41 earnings per share. Analysts anticipate that Hormel Foods Corp will post 1.84 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be paid a $0.21 dividend. The ex-dividend date is Friday, January 11th. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.87%. Hormel Foods’s payout ratio is presently 39.68%.
A number of brokerages have weighed in on HRL. Credit Suisse Group set a $39.00 price target on Hormel Foods and gave the stock a “hold” rating in a research report on Wednesday, November 21st. BMO Capital Markets cut Hormel Foods from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Buckingham Research boosted their price target on Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Finally, ValuEngine upgraded Hormel Foods from a “hold” rating to a “buy” rating in a research note on Thursday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $40.56.
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Hormel Foods Company 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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Read More: Stock Symbols and CUSIP Explained
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