Hormel Foods Corp (HRL) Shares Sold by Cadence Capital Management LLC
Cadence Capital Management LLC decreased its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 15.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,340 shares of the company’s stock after selling 1,582 shares during the period. Cadence Capital Management LLC’s holdings in Hormel Foods were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of HRL. Dupont Capital Management Corp bought a new position in Hormel Foods in the 3rd quarter worth $100,000. Acrospire Investment Management LLC bought a new position in Hormel Foods in the 2nd quarter worth $111,000. BB&T Investment Services Inc. bought a new position in Hormel Foods in the 2nd quarter worth $118,000. Bronfman E.L. Rothschild L.P. boosted its holdings in Hormel Foods by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after buying an additional 19 shares during the period. Finally, Penserra Capital Management LLC bought a new position in Hormel Foods in the 2nd quarter worth $189,000. 38.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Hormel Foods Corp (NYSE:HRL) opened at $36.93 on Friday. The company has a market cap of $19,490.00, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 2.41 and a beta of 0.65. Hormel Foods Corp has a one year low of $29.75 and a one year high of $38.00. The company has a quick ratio of 1.04, a current ratio of 1.91 and a debt-to-equity ratio of 0.05.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. The business had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. equities analysts forecast that Hormel Foods Corp will post 1.65 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be paid a $0.1875 dividend. The ex-dividend date is Friday, January 12th. This represents a $0.75 annualized dividend and a yield of 2.03%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. Hormel Foods’s payout ratio is presently 43.31%.
HRL has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating in a report on Monday, August 14th. BidaskClub raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Credit Suisse Group downgraded shares of Hormel Foods from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $39.00 to $33.00 in a report on Friday, August 25th. Buckingham Research dropped their target price on shares of Hormel Foods from $37.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, August 25th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $38.00 target price (down previously from $45.00) on shares of Hormel Foods in a report on Friday, August 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Hormel Foods has a consensus rating of “Hold” and a consensus target price of $35.50.
In other news, insider Donald H. Kremin sold 100,000 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the sale, the insider now directly owns 887 shares in the company, valued at approximately $28,082.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gary Jamison sold 4,169 shares of the company’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $36.48, for a total transaction of $152,085.12. Following the sale, the vice president now owns 12,615 shares in the company, valued at $460,195.20. The disclosure for this sale can be found here. Insiders have sold a total of 263,686 shares of company stock worth $8,791,515 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.
Hormel Foods Company Profile
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