Vident Investment Advisory LLC Takes $411,000 Position in Hormel Foods Corp (HRL)
Vident Investment Advisory LLC acquired a new position in shares of Hormel Foods Corp (NYSE:HRL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,803 shares of the company’s stock, valued at approximately $411,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Dupont Capital Management Corp purchased a new position in Hormel Foods in the 3rd quarter worth $100,000. Acrospire Investment Management LLC purchased a new position in Hormel Foods in the 2nd quarter worth $111,000. BB&T Investment Services Inc. purchased a new position in Hormel Foods in the 2nd quarter worth $118,000. Bronfman E.L. Rothschild L.P. raised its position in Hormel Foods by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after purchasing an additional 19 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in Hormel Foods in the 2nd quarter worth $189,000. 38.22% of the stock is owned by institutional investors.
HRL has been the topic of a number of analyst reports. Credit Suisse Group dropped coverage on shares of Hormel Foods in a research report on Saturday, August 26th. They issued an “outperform” rating on the stock. Morgan Stanley initiated coverage on shares of Hormel Foods in a research report on Friday, November 3rd. They issued an “underweight” rating and a $26.00 target price on the stock. Barclays set a $40.00 target price on shares of Hormel Foods and gave the stock an “overweight” rating in a research report on Friday, December 1st. KeyCorp initiated coverage on shares of Hormel Foods in a research report on Tuesday, October 31st. They issued a “hold” rating on the stock. Finally, Mizuho set a $34.00 target price on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Saturday, November 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $35.50.
Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Tuesday, November 21st. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. equities research analysts expect that Hormel Foods Corp will post 1.65 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be given a $0.1875 dividend. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, January 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.02%. Hormel Foods’s payout ratio is presently 43.04%.
In other Hormel Foods news, VP Gary Jamison sold 4,169 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $36.48, for a total value of $152,085.12. Following the transaction, the vice president now owns 12,615 shares in the company, valued at $460,195.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas R. Day sold 34,346 shares of the business’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $36.47, for a total transaction of $1,252,598.62. Following the completion of the transaction, the insider now owns 73,770 shares in the company, valued at approximately $2,690,391.90. The disclosure for this sale can be found here. Insiders sold 163,686 shares of company stock worth $5,625,515 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Vident Investment Advisory LLC Takes $411,000 Position in Hormel Foods Corp (HRL)” was originally published by Watch List News and is the property of of Watch List News. If you are reading this news story on another site, it was stolen and republished in violation of US and international copyright & trademark laws. The correct version of this news story can be viewed at https://www.watchlistnews.com/vident-investment-advisory-llc-takes-411000-position-in-hormel-foods-corp-hrl/1772886.html.
Hormel Foods Company Profile
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corp (NYSE:HRL).
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.