Forum Financial Management LP Acquires 300 Shares of Hormel Foods Co. (NYSE:HRL)

Posted by Defense World Staff on Apr 3rd, 2023

Forum Financial Management LP lifted its stake in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 6.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,259 shares of the company’s stock after buying an additional 300 shares during the period. Forum Financial Management LP’s holdings in Hormel Foods were worth $240,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Independence Bank of Kentucky acquired a new position in shares of Hormel Foods during the fourth quarter worth $31,000. Point72 Hong Kong Ltd acquired a new position in shares of Hormel Foods during the first quarter worth $41,000. Altshuler Shaham Ltd increased its holdings in shares of Hormel Foods by 879.6% during the third quarter. Altshuler Shaham Ltd now owns 1,107 shares of the company’s stock worth $51,000 after buying an additional 994 shares in the last quarter. Neo Ivy Capital Management increased its holdings in shares of Hormel Foods by 165.1% during the third quarter. Neo Ivy Capital Management now owns 1,193 shares of the company’s stock worth $54,000 after buying an additional 743 shares in the last quarter. Finally, Old North State Trust LLC acquired a new position in shares of Hormel Foods during the third quarter worth $59,000. 39.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HRL shares. StockNews.com assumed coverage on shares of Hormel Foods in a report on Thursday, March 16th. They set a “hold” rating for the company. Barclays decreased their price objective on Hormel Foods from $48.00 to $45.00 in a report on Friday, March 3rd. Argus downgraded Hormel Foods from a “buy” rating to a “hold” rating in a report on Thursday. TheStreet downgraded Hormel Foods from a “b” rating to a “c+” rating in a report on Thursday, March 2nd. Finally, Bank of America decreased their price objective on Hormel Foods from $45.00 to $41.00 in a report on Monday, March 6th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and an average price target of $44.71.

Hormel Foods Stock Performance

Shares of Hormel Foods stock opened at $39.88 on Monday. The company has a current ratio of 2.33, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $42.54 and a two-hundred day moving average price of $45.06. Hormel Foods Co. has a 1-year low of $37.78 and a 1-year high of $55.11. The company has a market cap of $21.80 billion, a P/E ratio of 22.28, a PEG ratio of 3.91 and a beta of 0.18.

Hormel Foods (NYSE:HRL – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.05). Hormel Foods had a return on equity of 13.10% and a net margin of 7.90%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the previous year, the business posted $0.44 earnings per share. The business’s revenue was down 2.4% on a year-over-year basis. As a group, analysts anticipate that Hormel Foods Co. will post 1.75 EPS for the current year.

Hormel Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, April 17th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, April 14th. This represents a $1.10 dividend on an annualized basis and a yield of 2.76%. Hormel Foods’s payout ratio is currently 61.45%.

Insiders Place Their Bets

In other news, Director Becerra Jose Luis Prado sold 5,200 shares of the stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $39.01, for a total transaction of $202,852.00. Following the transaction, the director now owns 18,410 shares of the company’s stock, valued at approximately $718,174.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company’s stock.

About Hormel Foods

(Get Rating)

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.