Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Hormel Foods Co. (NYSE:HRL – Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 12,541 shares of the company’s stock, valued at approximately $500,000.
Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Hormel Foods by 1.7% in the first quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock valued at $1,726,636,000 after acquiring an additional 547,495 shares during the last quarter. Geode Capital Management LLC grew its position in Hormel Foods by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 6,166,443 shares of the company’s stock worth $280,383,000 after acquiring an additional 92,153 shares during the last quarter. Principal Financial Group Inc. grew its position in Hormel Foods by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 5,288,934 shares of the company’s stock worth $210,923,000 after acquiring an additional 20,418 shares during the last quarter. Morgan Stanley grew its position in Hormel Foods by 26.3% during the 4th quarter. Morgan Stanley now owns 3,970,027 shares of the company’s stock worth $180,835,000 after acquiring an additional 826,681 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Hormel Foods by 29.5% during the 4th quarter. Renaissance Technologies LLC now owns 3,031,963 shares of the company’s stock worth $138,106,000 after acquiring an additional 690,900 shares during the last quarter. 40.49% of the stock is currently owned by institutional investors and hedge funds.
Hormel Foods Trading Up 1.2 %
HRL opened at $39.38 on Friday. Hormel Foods Co. has a fifty-two week low of $37.78 and a fifty-two week high of $51.69. The company has a market cap of $21.51 billion, a price-to-earnings ratio of 23.03, a price-to-earnings-growth ratio of 3.81 and a beta of 0.20. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.42 and a quick ratio of 1.09. The firm has a 50 day simple moving average of $40.15 and a 200 day simple moving average of $40.56.
Analyst Upgrades and Downgrades
A number of research firms recently commented on HRL. StockNews.com began coverage on Hormel Foods in a research report on Thursday, August 17th. They set a “hold” rating on the stock. Barclays decreased their price target on Hormel Foods from $45.00 to $42.00 in a research report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $43.71.
Insider Transactions at Hormel Foods
In related news, VP Mark J. Ourada sold 9,200 shares of Hormel Foods stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $41.00, for a total transaction of $377,200.00. Following the transaction, the vice president now owns 20,684 shares of the company’s stock, valued at approximately $848,044. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, 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 completion of the sale, the vice president now owns 20,684 shares in the company, valued at approximately $848,044. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kevin L. Myers sold 5,200 shares of Hormel Foods stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $40.51, for a total value of $210,652.00. Following the transaction, the senior vice president now owns 36,190 shares in the company, valued at $1,466,056.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 45,800 shares of company stock worth $1,859,552. 0.81% of the stock is currently owned by company insiders.
Hormel Foods 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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