Connor Clark & Lunn Investment Management Ltd. reduced its position in Hormel Foods Corp (NYSE:HRL) by 76.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 40,850 shares of the company’s stock after selling 130,500 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Hormel Foods were worth $1,609,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Sapphire Star Partners LP bought a new position in Hormel Foods in the 3rd quarter valued at about $102,000. Piedmont Investment Advisors LLC bought a new position in Hormel Foods in the 2nd quarter valued at about $118,000. Fort L.P. bought a new position in Hormel Foods in the 2nd quarter valued at about $125,000. Moody National Bank Trust Division bought a new position in Hormel Foods in the 3rd quarter valued at about $142,000. Finally, Dupont Capital Management Corp bought a new position in Hormel Foods in the 2nd quarter valued at about $135,000. 42.28% of the stock is currently owned by hedge funds and other institutional investors.

HRL opened at $44.94 on Friday. Hormel Foods Corp has a 1-year low of $31.71 and a 1-year high of $46.26. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 1.80. The company has a market capitalization of $23.94 billion, a PE ratio of 23.78, a P/E/G ratio of 2.94 and a beta of 0.13.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Hormel Foods had a net margin of 10.60% and a return on equity of 18.01%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period last year, the company posted $0.41 EPS. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. On average, analysts expect that Hormel Foods Corp will post 1.84 earnings per share for the current year.

The business also recently declared 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. This is an increase 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%. The ex-dividend date is Friday, January 11th. Hormel Foods’s dividend payout ratio (DPR) is presently 39.68%.

In related news, EVP Thomas R. Day sold 48,596 shares of Hormel Foods stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $45.54, for a total transaction of $2,213,061.84. Following the sale, the executive vice president now directly owns 93,132 shares in the company, valued at approximately $4,241,231.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Deanna T. Brady sold 48,000 shares of Hormel Foods stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the sale, the insider now owns 83,102 shares in the company, valued at $3,411,337.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 218,161 shares of company stock worth $9,563,359. 3.54% of the stock is currently owned by corporate insiders.

Several equities analysts have commented on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $44.00 target price on shares of Hormel Foods in a report on Wednesday, August 29th. Vertical Group downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th. They noted that the move was a valuation call. BMO Capital Markets downgraded shares of Hormel Foods from an “outperform” rating to a “market perform” rating and raised their price target for the company from $38.00 to $44.00 in a research note on Monday, September 17th. They noted that the move was a valuation call. Barclays downgraded shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research note on Friday, August 24th. Finally, Buckingham Research raised their price target on shares of Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, August 16th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Hormel Foods has a consensus rating of “Hold” and a consensus price target 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.

See Also: Debt-To-Equity Ratio

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

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