Franklin Resources Inc. Purchases Shares of 10,273 Hormel Foods Corporation (HRL)
Franklin Resources Inc. acquired a new stake in Hormel Foods Corporation (NYSE:HRL) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 10,273 shares of the company’s stock, valued at approximately $350,000.
Several other large investors have also recently made changes to their positions in HRL. Vanguard Group Inc. raised its holdings in shares of Hormel Foods Corporation by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 30,268,756 shares of the company’s stock valued at $1,048,207,000 after purchasing an additional 1,608,528 shares in the last quarter. State Street Corp lifted its position in shares of Hormel Foods Corporation by 93.3% during the 1st quarter. State Street Corp now owns 30,094,045 shares of the company’s stock worth $1,042,171,000 after purchasing an additional 14,529,149 shares during the last quarter. BlackRock Inc. lifted its position in shares of Hormel Foods Corporation by 1,105.9% during the 1st quarter. BlackRock Inc. now owns 18,991,436 shares of the company’s stock worth $657,673,000 after purchasing an additional 17,416,591 shares during the last quarter. APG Asset Management N.V. lifted its position in shares of Hormel Foods Corporation by 3.3% during the 2nd quarter. APG Asset Management N.V. now owns 5,165,938 shares of the company’s stock worth $176,210,000 after purchasing an additional 162,900 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Hormel Foods Corporation by 7.0% during the 1st quarter. Geode Capital Management LLC now owns 2,874,523 shares of the company’s stock worth $99,413,000 after purchasing an additional 187,886 shares during the last quarter. 38.95% of the stock is currently owned by institutional investors.
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Shares of Hormel Foods Corporation (NYSE:HRL) opened at 31.78 on Wednesday. The stock has a market capitalization of $16.77 billion, a PE ratio of 19.62 and a beta of 0.58. Hormel Foods Corporation has a 12 month low of $30.50 and a 12 month high of $38.84. The company has a 50-day moving average of $31.93 and a 200-day moving average of $33.62.
Hormel Foods Corporation (NYSE:HRL) last issued its quarterly earnings results on Thursday, August 24th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 EPS. On average, equities research analysts expect that Hormel Foods Corporation will post $1.56 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, October 20th. This represents a $0.68 annualized dividend and a yield of 2.14%. Hormel Foods Corporation’s dividend payout ratio is presently 41.98%.
In other news, insider Thomas R. Day sold 11,139 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $33.43, for a total transaction of $372,376.77. Following the completion of the transaction, the insider now directly owns 24,838 shares in the company, valued at approximately $830,334.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Donald H. Kremin sold 100,000 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $31.66, for a total value of $3,166,000.00. Following the transaction, the insider now owns 887 shares of the company’s stock, valued at $28,082.42. The disclosure for this sale can be found here. Insiders have sold a total of 180,843 shares of company stock worth $5,715,409 over the last 90 days. 3.54% of the stock is owned by company insiders.
A number of brokerages recently commented on HRL. Zacks Investment Research upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Monday, September 11th. BMO Capital Markets restated an “outperform” rating and issued a $38.00 price target (down from $45.00) on shares of Hormel Foods Corporation in a research note on Friday, August 25th. BidaskClub upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a report on Saturday, August 26th. They set an “outperform” rating for the company. Finally, Buckingham Research decreased their price target on Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, August 25th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $38.30.
Hormel Foods Corporation Profile
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