DnB Asset Management AS lowered its stake in shares of Hormel Foods Co. (NYSE:HRL – Free Report) by 49.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,444 shares of the company’s stock after selling 66,006 shares during the quarter. DnB Asset Management AS’s holdings in Hormel Foods were worth $2,730,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Verition Fund Management LLC increased its holdings in shares of Hormel Foods by 3.2% in the 4th quarter. Verition Fund Management LLC now owns 7,456 shares of the company’s stock valued at $340,000 after acquiring an additional 231 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Hormel Foods by 1.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 20,805 shares of the company’s stock valued at $948,000 after acquiring an additional 235 shares during the period. Insight Folios Inc increased its holdings in shares of Hormel Foods by 3.5% in the 4th quarter. Insight Folios Inc now owns 6,889 shares of the company’s stock valued at $314,000 after acquiring an additional 236 shares during the period. Banque Pictet & Cie SA increased its holdings in shares of Hormel Foods by 1.4% in the 4th quarter. Banque Pictet & Cie SA now owns 17,674 shares of the company’s stock valued at $805,000 after acquiring an additional 242 shares during the period. Finally, Czech National Bank increased its holdings in shares of Hormel Foods by 0.7% in the 4th quarter. Czech National Bank now owns 33,885 shares of the company’s stock valued at $1,543,000 after acquiring an additional 251 shares during the period. Institutional investors and hedge funds own 40.49% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on HRL shares. Barclays cut their target price on shares of Hormel Foods from $45.00 to $42.00 in a report on Thursday, June 1st. StockNews.com initiated coverage on shares of Hormel Foods in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Argus cut shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Thursday, March 30th. Finally, Piper Sandler dropped their price objective on shares of Hormel Foods from $44.00 to $43.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 12th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $43.71.
Hormel Foods Price Performance
Hormel Foods (NYSE:HRL – Free Report) last issued 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. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $3.06 billion. Hormel Foods had a net margin of 7.61% and a return on equity of 12.36%. The business’s revenue was down 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS. Analysts forecast that Hormel Foods Co. will post 1.73 EPS for the current fiscal year.
Hormel Foods Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be given a $0.275 dividend. The ex-dividend date is Friday, July 14th. This represents a $1.10 annualized dividend and a dividend yield of 2.76%. Hormel Foods’s dividend payout ratio is presently 64.33%.
Insider Buying and Selling
In related news, VP Mark A. Coffey sold 31,400 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $40.50, for a total value of $1,271,700.00. Following the sale, the vice president now directly owns 55,133 shares in the company, valued at approximately $2,232,886.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, SVP Kevin L. Myers sold 5,200 shares of the business’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $40.51, for a total value of $210,652.00. Following the sale, the senior vice president now directly owns 36,190 shares in the company, valued at approximately $1,466,056.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Mark A. Coffey sold 31,400 shares of the company’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $40.50, for a total transaction of $1,271,700.00. Following the completion of the transaction, the vice president now owns 55,133 shares in the company, valued at $2,232,886.50. The disclosure for this sale can be found here. Insiders have sold 45,800 shares of company stock worth $1,859,552 in the last three months. Corporate insiders own 0.81% of the company’s stock.
Hormel Foods Company Profile
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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