Chevy Chase Trust Holdings Inc. Grows Position in Hormel Foods Corp (HRL)
Chevy Chase Trust Holdings Inc. raised its position in shares of Hormel Foods Corp (NYSE:HRL) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 235,102 shares of the company’s stock after buying an additional 2,717 shares during the quarter. Chevy Chase Trust Holdings Inc.’s holdings in Hormel Foods were worth $7,556,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Dupont Capital Management Corp purchased a new stake in shares of Hormel Foods during the third quarter valued at about $100,000. Acrospire Investment Management LLC purchased a new stake in shares of Hormel Foods during the second quarter valued at about $111,000. BB&T Investment Services Inc. purchased a new stake in shares of Hormel Foods during the second quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. lifted its position in shares of Hormel Foods by 0.4% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock valued at $163,000 after buying an additional 19 shares during the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Hormel Foods in the 2nd quarter valued at approximately $189,000. 38.33% of the stock is owned by institutional investors and hedge funds.
In other news, Director Terrell K. Crews sold 7,987 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $36.50, for a total transaction of $291,525.50. Following the sale, the director now owns 100,569 shares of the company’s stock, valued at approximately $3,670,768.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Nakasone sold 3,184 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $37.50, for a total transaction of $119,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 163,686 shares of company stock worth $5,625,515 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.
Several equities analysts recently commented on HRL shares. Credit Suisse Group dropped coverage on shares of Hormel Foods in a research report on Saturday, August 26th. They issued an “outperform” rating for the company. Morgan Stanley started coverage on shares of Hormel Foods in a research report on Friday, November 3rd. They issued an “underweight” rating and a $26.00 price objective for the company. Barclays set a $40.00 price objective on shares of Hormel Foods and gave the company an “overweight” rating in a research report on Friday, December 1st. KeyCorp started coverage on shares of Hormel Foods in a research report on Tuesday, October 31st. They issued a “hold” rating for the company. Finally, Mizuho set a $34.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research report on Saturday, November 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Hormel Foods currently has an average rating of “Hold” and an average price target of $35.50.
Hormel Foods Corp (HRL) opened at $36.79 on Friday. Hormel Foods Corp has a fifty-two week low of $29.75 and a fifty-two week high of $38.00. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.91 and a quick ratio of 1.04. The firm has a market cap of $19,329.07, a P/E ratio of 23.18, a P/E/G ratio of 2.38 and a beta of 0.65.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.41 billion. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. Hormel Foods’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. analysts expect that Hormel Foods Corp will post 1.65 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be paid a dividend of $0.1875 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.04%. Hormel Foods’s dividend payout ratio (DPR) is presently 43.04%.
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