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.

COPYRIGHT VIOLATION NOTICE: “Franklin Resources Inc. Purchases Shares of 10,273 Hormel Foods Corporation (HRL)” was first published by Watch List News and is the property of of Watch List News. If you are accessing this story on another site, it was stolen and reposted in violation of US & international trademark and copyright law. The original version of this story can be read at https://www.watchlistnews.com/franklin-resources-inc-purchases-shares-of-10273-hormel-foods-corporation-hrl/1606811.html.

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

Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corporation (NYSE:HRL).

Institutional Ownership by Quarter for Hormel Foods Corporation (NYSE:HRL)

Receive News & Ratings for Hormel Foods Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.