Hormel Foods Corporation (HRL) Stake Lowered by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System trimmed its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 0.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,298 shares of the company’s stock after selling 2,090 shares during the period. State Board of Administration of Florida Retirement System owned about 0.08% of Hormel Foods Corporation worth $13,573,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in Hormel Foods Corporation by 12.8% in the 1st quarter. Wellington Management Group LLP now owns 58,830 shares of the company’s stock valued at $2,037,000 after acquiring an additional 6,661 shares during the period. Teachers Advisors LLC raised its stake in Hormel Foods Corporation by 4.5% in the 1st quarter. Teachers Advisors LLC now owns 395,991 shares of the company’s stock valued at $13,713,000 after acquiring an additional 16,944 shares during the period. Thrivent Financial For Lutherans raised its stake in Hormel Foods Corporation by 13.5% in the 1st quarter. Thrivent Financial For Lutherans now owns 11,510 shares of the company’s stock valued at $400,000 after acquiring an additional 1,370 shares during the period. Dimensional Fund Advisors LP raised its stake in Hormel Foods Corporation by 17.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,336,211 shares of the company’s stock valued at $46,270,000 after acquiring an additional 200,661 shares during the period. Finally, Xact Kapitalforvaltning AB raised its stake in Hormel Foods Corporation by 2.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 54,731 shares of the company’s stock valued at $1,867,000 after acquiring an additional 1,092 shares during the period. Institutional investors own 38.02% of the company’s stock.
A number of brokerages recently issued reports on HRL. BidaskClub cut Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 8th. BMO Capital Markets restated a “buy” rating and issued a $38.00 price objective on shares of Hormel Foods Corporation in a research note on Monday, November 6th. Zacks Investment Research upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Morgan Stanley began coverage on Hormel Foods Corporation in a research note on Friday, November 3rd. They issued an “underweight” rating and a $26.00 price objective on the stock. Finally, Buckingham Research lowered their price objective on Hormel Foods Corporation from $37.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Hormel Foods Corporation has an average rating of “Hold” and an average price target of $34.44.
In other news, Director Dakota A. Pippins sold 4,000 shares of the business’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $31.60, for a total transaction of $126,400.00. Following the completion of the transaction, the director now owns 92,377 shares of the company’s stock, valued at $2,919,113.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven G. Binder sold 15,000 shares of the business’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $31.23, for a total value of $468,450.00. Following the transaction, the insider now directly owns 26,838 shares of the company’s stock, valued at approximately $838,150.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 194,518 shares of company stock worth $6,132,366. Company insiders own 3.54% of the company’s stock.
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Shares of Hormel Foods Corporation (NYSE HRL) opened at $32.33 on Friday. Hormel Foods Corporation has a 52-week low of $29.75 and a 52-week high of $37.97. The firm has a market capitalization of $16,864.11, a PE ratio of 19.72, a PEG ratio of 2.09 and a beta of 0.58. The company has a current ratio of 2.53, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.
Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 24th. The company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the company earned $0.36 earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. sell-side analysts predict that Hormel Foods Corporation will post 1.57 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, October 23rd will be given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, October 20th. Hormel Foods Corporation’s dividend payout ratio is presently 41.98%.
Hormel Foods Corporation Company Profile
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