McKinley Carter Wealth Services Inc. Trims Position in Hormel Foods Corporation (HRL)
McKinley Carter Wealth Services Inc. lowered its position in shares of Hormel Foods Corporation (NYSE:HRL) by 67.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,860 shares of the company’s stock after selling 43,709 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Hormel Foods Corporation were worth $670,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in Hormel Foods Corporation during the 2nd quarter worth $111,000. BB&T Investment Services Inc. bought a new stake in Hormel Foods Corporation during the 2nd quarter worth $118,000. Bronfman E.L. Rothschild L.P. grew its position in Hormel Foods Corporation by 0.4% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after acquiring an additional 19 shares during the last quarter. Independence Advisors LLC bought a new stake in Hormel Foods Corporation during the 2nd quarter worth $289,000. Finally, Penserra Capital Management LLC bought a new stake in Hormel Foods Corporation during the 2nd quarter worth $189,000. Institutional investors and hedge funds own 38.06% of the company’s stock.
In related news, insider Steven G. Binder sold 15,000 shares of the firm’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 sale, the insider now directly owns 26,838 shares of the company’s stock, valued at $838,150.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dakota A. Pippins sold 4,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $31.60, for a total value of $126,400.00. Following the completion of the sale, the director now directly owns 92,377 shares in the company, valued at $2,919,113.20. The disclosure for this sale can be found here. Insiders have sold 194,518 shares of company stock worth $6,132,366 over the last ninety days. Insiders own 3.54% of the company’s stock.
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HRL has been the topic of a number of research reports. Zacks Investment Research upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Monday, September 11th. BMO Capital Markets restated an “outperform” rating and set a $38.00 price objective (down previously from $45.00) on shares of Hormel Foods Corporation in a research report on Friday, August 25th. Mizuho restated a “hold” rating and set a $33.00 price objective on shares of Hormel Foods Corporation in a research report on Wednesday, October 4th. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a research report on Saturday, August 26th. They set an “outperform” rating on the stock. Finally, BidaskClub upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $35.50.
Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 24th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ 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 period last year, the business posted $0.36 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Monday, October 23rd will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, October 20th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.18%. Hormel Foods Corporation’s dividend payout ratio (DPR) is currently 41.98%.
Hormel Foods Corporation Company Profile
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