Hormel Foods Corp (HRL) Holdings Reduced by King Luther Capital Management Corp
King Luther Capital Management Corp lowered its holdings in Hormel Foods Corp (NYSE:HRL) by 16.2% in the second quarter, HoldingsChannel.com reports. The fund owned 73,539 shares of the company’s stock after selling 14,250 shares during the quarter. King Luther Capital Management Corp’s holdings in Hormel Foods were worth $2,736,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in Hormel Foods by 1.8% in the second quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock valued at $764,587,000 after acquiring an additional 358,834 shares during the period. Champlain Investment Partners LLC lifted its holdings in Hormel Foods by 14.1% in the first quarter. Champlain Investment Partners LLC now owns 4,202,680 shares of the company’s stock valued at $144,236,000 after acquiring an additional 518,445 shares during the period. Victory Capital Management Inc. lifted its holdings in Hormel Foods by 25.4% in the second quarter. Victory Capital Management Inc. now owns 3,817,032 shares of the company’s stock valued at $142,031,000 after acquiring an additional 773,545 shares during the period. Westwood Holdings Group Inc. lifted its holdings in Hormel Foods by 1.0% in the first quarter. Westwood Holdings Group Inc. now owns 2,720,986 shares of the company’s stock valued at $93,384,000 after acquiring an additional 26,954 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in Hormel Foods by 12.5% in the first quarter. Guggenheim Capital LLC now owns 2,096,288 shares of the company’s stock valued at $71,944,000 after acquiring an additional 233,064 shares during the period. 42.03% of the stock is owned by institutional investors.
A number of research firms have commented on HRL. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Jefferies Financial Group reaffirmed a “buy” rating and set a $44.00 price target on shares of Hormel Foods in a research note on Wednesday, August 29th. Buckingham Research lifted their price target on Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research note on Thursday, August 16th. Finally, Barclays downgraded Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 price target for the company. in a research note on Friday, August 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $36.30.
NYSE:HRL opened at $41.29 on Monday. The firm has a market cap of $21.90 billion, a PE ratio of 26.30, a PEG ratio of 2.82 and a beta of 0.34. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78. Hormel Foods Corp has a 52-week low of $29.75 and a 52-week high of $41.49.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.39. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.34 EPS. analysts expect that Hormel Foods Corp will post 1.76 EPS for the current fiscal year.
About Hormel Foods
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.
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