TRUE Private Wealth Advisors acquired a new position in shares of Hormel Foods Corp (NYSE:HRL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 902 shares of the company’s stock, valued at approximately $36,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Acima Private Wealth LLC grew its holdings in shares of Hormel Foods by 64.8% during the first quarter. Acima Private Wealth LLC now owns 1,300 shares of the company’s stock worth $58,000 after purchasing an additional 511 shares in the last quarter. Country Trust Bank grew its holdings in shares of Hormel Foods by 190.7% during the second quarter. Country Trust Bank now owns 1,692 shares of the company’s stock worth $69,000 after purchasing an additional 1,110 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Hormel Foods during the second quarter worth about $81,000. Focused Wealth Management Inc purchased a new position in shares of Hormel Foods during the first quarter worth about $112,000. Finally, Coastal Investment Advisors Inc. grew its holdings in shares of Hormel Foods by 46.4% during the second quarter. Coastal Investment Advisors Inc. now owns 2,980 shares of the company’s stock worth $122,000 after purchasing an additional 944 shares in the last quarter. 43.60% of the stock is owned by institutional investors.
HRL traded up $0.06 during midday trading on Friday, hitting $41.45. The stock had a trading volume of 2,228,900 shares, compared to its average volume of 2,513,920. The company has a market cap of $21.80 billion, a P/E ratio of 21.93, a price-to-earnings-growth ratio of 3.14 and a beta of 0.11. The business has a fifty day moving average of $41.26 and a 200 day moving average of $41.51. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.16 and a current ratio of 2.14. Hormel Foods Corp has a 1 year low of $36.25 and a 1 year high of $46.26.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.03%. The ex-dividend date was Friday, July 12th. Hormel Foods’s dividend payout ratio is currently 44.44%.
In other Hormel Foods news, VP James N. Sheehan sold 55,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $41.55, for a total value of $2,285,250.00. Following the completion of the sale, the vice president now owns 60,000 shares in the company, valued at $2,493,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert Nakasone sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $39.89, for a total value of $718,020.00. Following the completion of the sale, the director now owns 98,457 shares of the company’s stock, valued at approximately $3,927,449.73. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,695 shares of company stock valued at $3,601,503. 1.11% of the stock is owned by insiders.
Several brokerages have recently commented on HRL. JPMorgan Chase & Co. lowered Hormel Foods from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $40.00 to $36.00 in a report on Tuesday, April 23rd. Stephens set a $37.00 price objective on Hormel Foods and gave the stock a “hold” rating in a report on Monday, August 12th. Goldman Sachs Group lowered Hormel Foods from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $37.00 to $35.00 in a report on Tuesday, April 23rd. Edward Jones lowered Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Finally, Piper Jaffray Companies set a $46.00 target price on Hormel Foods and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $39.90.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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