Diversified Trust Co boosted its stake in Hormel Foods Co. (NYSE:HRL – Get Rating) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,129 shares of the company’s stock after purchasing an additional 1,008 shares during the period. Diversified Trust Co’s holdings in Hormel Foods were worth $603,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Compagnie Lombard Odier SCmA purchased a new position in Hormel Foods in the 4th quarter worth approximately $26,000. Independence Bank of Kentucky purchased a new position in shares of Hormel Foods during the fourth quarter valued at approximately $31,000. Spire Wealth Management increased its stake in shares of Hormel Foods by 1,673.3% during the fourth quarter. Spire Wealth Management now owns 798 shares of the company’s stock valued at $36,000 after buying an additional 753 shares during the period. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Hormel Foods by 110.6% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 872 shares of the company’s stock valued at $40,000 after buying an additional 458 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Hormel Foods during the first quarter valued at approximately $41,000. 40.49% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. Barclays reduced their target price on Hormel Foods from $45.00 to $42.00 in a research note on Thursday, June 1st. Bank of America reduced their target price on Hormel Foods from $45.00 to $41.00 in a research note on Monday, March 6th. TheStreet cut Hormel Foods from a “b” rating to a “c+” rating in a research note on Thursday, March 2nd. Argus cut Hormel Foods from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. Finally, Stephens reduced their price target on Hormel Foods from $52.00 to $47.00 and set an “equal weight” rating on the stock in a research note 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. According to data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and an average target price of $43.71.
Hormel Foods Price Performance
Hormel Foods (NYSE:HRL – Get Rating) last released its earnings results on Thursday, June 1st. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.39 by $0.01. Hormel Foods had a return on equity of 12.36% and a net margin of 7.61%. The business had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same period in the previous year, the company posted $0.48 earnings per share. The company’s revenue for the quarter was down 3.8% compared to the same quarter last year. Research analysts expect that Hormel Foods Co. will post 1.73 EPS for the current fiscal year.
Hormel Foods Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 17th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.71%. The ex-dividend date is Friday, July 14th. Hormel Foods’s dividend payout ratio (DPR) is 64.33%.
Insiders Place Their Bets
In other Hormel Foods news, VP Mark J. Ourada sold 9,200 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $41.00, for a total value of $377,200.00. Following the sale, the vice president now directly owns 20,684 shares of the company’s stock, valued at $848,044. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Becerra Jose Luis Prado sold 5,200 shares of the company’s stock in a transaction on Monday, March 27th. The stock was sold at an average price of $39.01, for a total transaction of $202,852.00. Following the transaction, the director now directly owns 18,410 shares of the company’s stock, valued at $718,174.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mark J. Ourada sold 9,200 shares of the company’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $41.00, for a total value of $377,200.00. Following the transaction, the vice president now directly owns 20,684 shares in the company, valued at $848,044. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,000 shares of company stock valued at $2,305,404. 0.81% of the stock is currently owned by corporate insiders.
About Hormel Foods
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
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