Cibc World Market Inc. Makes New Investment in Hormel Foods Corporation $HRL

Cibc World Market Inc. purchased a new stake in shares of Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 136,678 shares of the company’s stock, valued at approximately $3,392,000.

Several other large investors have also recently made changes to their positions in HRL. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods in the 2nd quarter worth approximately $26,000. Strive Financial Group LLC bought a new position in shares of Hormel Foods during the fourth quarter valued at about $27,000. Motiv8 Investments LLC bought a new position in shares of Hormel Foods during the fourth quarter valued at about $28,000. Parkside Financial Bank & Trust increased its holdings in shares of Hormel Foods by 354.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after buying an additional 1,025 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock valued at $33,000 after acquiring an additional 531 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the transaction, the director directly owned 32,002 shares in the company, valued at approximately $784,369.02. This represents a 38.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a research report on Thursday, May 21st. Bank of America lifted their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 30th. Stephens reiterated an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a report on Thursday, July 9th. Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $26.57.

Hormel Foods Trading Down 0.4%

NYSE HRL opened at $23.69 on Thursday. The stock has a market cap of $13.04 billion, a P/E ratio of 27.87, a price-to-earnings-growth ratio of 2.74 and a beta of 0.34. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.10. The stock has a 50 day simple moving average of $24.87 and a two-hundred day simple moving average of $23.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 earnings per share. On average, analysts forecast that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.