Ridgewood Investments LLC Takes Position in Hormel Foods Corp (HRL)
Ridgewood Investments LLC bought a new position in shares of Hormel Foods Corp (NYSE:HRL) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 6,389 shares of the company’s stock, valued at approximately $232,000.
Other hedge funds have also recently added to or reduced their stakes in the company. MML Investors Services LLC grew its position in Hormel Foods by 101.8% during the second quarter. MML Investors Services LLC now owns 25,373 shares of the company’s stock worth $865,000 after buying an additional 12,800 shares in the last quarter. Koch Industries Inc. acquired a new stake in Hormel Foods during the second quarter worth about $381,000. Cetera Investment Advisers acquired a new stake in Hormel Foods during the second quarter worth about $463,000. Nomura Holdings Inc. grew its position in Hormel Foods by 42.3% during the second quarter. Nomura Holdings Inc. now owns 115,356 shares of the company’s stock worth $3,934,000 after buying an additional 34,289 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Hormel Foods by 85.2% during the third quarter. First Trust Advisors LP now owns 1,460,102 shares of the company’s stock worth $46,928,000 after buying an additional 671,901 shares in the last quarter. 38.11% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have weighed in on the company. Barclays set a $40.00 price objective on Hormel Foods and gave the company an “overweight” rating in a report on Friday, December 1st. Jefferies Group set a $34.00 price objective on Hormel Foods and gave the company a “hold” rating in a report on Thursday, November 30th. Piper Jaffray Companies assumed coverage on Hormel Foods in a report on Thursday, January 4th. They set an “overweight” rating and a $42.00 price objective on the stock. Zacks Investment Research downgraded Hormel Foods from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Mizuho set a $34.00 price objective on Hormel Foods and gave the company a “hold” rating in a report on Saturday, November 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $35.70.
Hormel Foods (NYSE:HRL) last announced its 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 the consensus estimate of $2.41 billion. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. Hormel Foods’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. equities research analysts predict that Hormel Foods Corp will post 1.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be issued a $0.1875 dividend. This is an increase from Hormel Foods’s previous quarterly dividend of $0.17. This represents a $0.75 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Friday, January 12th. Hormel Foods’s payout ratio is presently 47.47%.
In other news, Chairman James P. Snee sold 7,616 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $34.16, for a total value of $260,162.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Steven G. Binder sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $34.18, for a total value of $1,709,000.00. The disclosure for this sale can be found here. Insiders sold a total of 131,001 shares of company stock worth $4,612,826 over the last three months. 1.48% of the stock is owned by company insiders.
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