Investors Sell Hormel Foods (HRL) on Strength (HRL)
Investors sold shares of Hormel Foods Corp (NYSE:HRL) on strength during trading hours on Thursday. $11.89 million flowed into the stock on the tick-up and $34.99 million flowed out of the stock on the tick-down, for a money net flow of $23.10 million out of the stock. Of all equities tracked, Hormel Foods had the 0th highest net out-flow for the day. Hormel Foods traded up $0.22 for the day and closed at $41.12
Several equities research analysts have issued reports on the stock. BMO Capital Markets cut shares of Hormel Foods from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, August 21st. Buckingham Research upped their price target on shares of Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. ValuEngine raised shares of Hormel Foods from a “hold” rating to a “buy” rating in a research report on Thursday, September 6th. Finally, Stephens cut shares of Hormel Foods from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $37.20.
The stock has a market capitalization of $21.92 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 2.81 and a beta of 0.34. The company has a current ratio of 1.69, a quick ratio of 0.78 and a debt-to-equity ratio of 0.12.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 22nd will be given a dividend of $0.1875 per share. The ex-dividend date is Friday, October 19th. This represents a $0.75 dividend on an annualized basis and a yield of 1.80%. Hormel Foods’s payout ratio is 47.77%.
In related news, insider Kevin L. Myers sold 2,734 shares of the stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $39.90, for a total transaction of $109,086.60. Following the completion of the sale, the insider now owns 8,556 shares of the company’s stock, valued at $341,384.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Terrell K. Crews sold 6,630 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $42.07, for a total transaction of $278,924.10. Following the sale, the director now directly owns 106,027 shares of the company’s stock, valued at approximately $4,460,555.89. The disclosure for this sale can be found here. Insiders have sold 138,632 shares of company stock valued at $5,556,981 in the last three months. 3.54% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Piedmont Investment Advisors LLC purchased a new stake in Hormel Foods during the second quarter valued at approximately $118,000. Fort L.P. acquired a new position in Hormel Foods during the 2nd quarter valued at approximately $125,000. IMS Capital Management acquired a new position in Hormel Foods during the 2nd quarter valued at approximately $130,000. Dupont Capital Management Corp acquired a new position in Hormel Foods during the 2nd quarter valued at approximately $135,000. Finally, Cape Cod Five Cents Savings Bank acquired a new position in Hormel Foods during the 3rd quarter valued at approximately $203,000. 41.84% of the stock is owned by institutional investors.
About Hormel Foods (NYSE:HRL)
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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