Jefferies Group LLC Has $3.83 Million Stake in Hormel Foods Corp (HRL)
Jefferies Group LLC grew its stake in shares of Hormel Foods Corp (NYSE:HRL) by 344.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 97,267 shares of the company’s stock after purchasing an additional 75,367 shares during the period. Jefferies Group LLC’s holdings in Hormel Foods were worth $3,832,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sapphire Star Partners LP purchased a new stake in shares of Hormel Foods during the third quarter valued at $102,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Hormel Foods during the second quarter valued at $118,000. Fort L.P. purchased a new stake in shares of Hormel Foods during the second quarter valued at $125,000. Dupont Capital Management Corp purchased a new stake in shares of Hormel Foods during the second quarter valued at $135,000. Finally, Moody National Bank Trust Division purchased a new stake in shares of Hormel Foods during the third quarter valued at $142,000. 42.28% of the stock is owned by institutional investors and hedge funds.
Shares of Hormel Foods stock opened at $44.34 on Friday. The stock has a market capitalization of $23.96 billion, a P/E ratio of 23.46, a price-to-earnings-growth ratio of 2.94 and a beta of 0.13. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. Hormel Foods Corp has a 1 year low of $31.71 and a 1 year high of $46.26.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Investors 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 annualized dividend and a yield of 1.89%. The ex-dividend date is Friday, January 11th. Hormel Foods’s dividend payout ratio is currently 39.68%.
In related news, Director Glenn S. Forbes sold 13,200 shares of the stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $41.56, for a total value of $548,592.00. Following the completion of the sale, the director now directly owns 63,553 shares of the company’s stock, valued at approximately $2,641,262.68. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dakota A. Pippins sold 1,750 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total value of $69,282.50. Following the completion of the transaction, the director now directly owns 91,797 shares in the company, valued at $3,634,243.23. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,161 shares of company stock valued at $9,563,359. Company insiders own 3.54% of the company’s stock.
HRL has been the subject of several analyst reports. Piper Jaffray Companies set a $50.00 target price on Hormel Foods and gave the company a “buy” rating in a report on Tuesday, November 6th. Credit Suisse Group set a $39.00 target price on Hormel Foods and gave the company a “hold” rating in a report on Wednesday, November 21st. JPMorgan Chase & Co. initiated coverage on Hormel Foods in a report on Friday, September 28th. They set a “neutral” rating and a $41.00 target price for the company. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Finally, Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $40.56.
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.
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