Texas Permanent School Fund trimmed its position in Hormel Foods Corp (NYSE:HRL) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,722 shares of the company’s stock after selling 784 shares during the quarter. Texas Permanent School Fund’s holdings in Hormel Foods were worth $2,262,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Hormel Foods by 1.6% in the second quarter. Vanguard Group Inc. now owns 33,959,615 shares of the company’s stock worth $1,376,721,000 after buying an additional 518,987 shares during the period. BlackRock Inc. increased its stake in shares of Hormel Foods by 5.4% in the second quarter. BlackRock Inc. now owns 25,080,604 shares of the company’s stock worth $1,016,768,000 after buying an additional 1,287,994 shares during the period. Janus Henderson Group PLC increased its stake in shares of Hormel Foods by 9.4% in the second quarter. Janus Henderson Group PLC now owns 3,906,986 shares of the company’s stock worth $158,385,000 after buying an additional 334,243 shares during the period. Northern Trust Corp increased its position in Hormel Foods by 2.5% during the 2nd quarter. Northern Trust Corp now owns 3,653,388 shares of the company’s stock valued at $148,109,000 after purchasing an additional 89,856 shares during the period. Finally, California Public Employees Retirement System increased its position in Hormel Foods by 12.7% during the 3rd quarter. California Public Employees Retirement System now owns 2,462,461 shares of the company’s stock valued at $107,683,000 after purchasing an additional 276,629 shares during the period. 44.40% of the stock is currently owned by institutional investors.
HRL has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research report on Tuesday, August 27th. ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. BMO Capital Markets set a $44.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research report on Friday, August 23rd. Stephens set a $37.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research report on Monday, August 12th. Finally, Bank of America initiated coverage on shares of Hormel Foods in a research report on Friday, October 25th. They set an “underperform” rating and a $40.00 price objective on the stock. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $40.09.
Hormel Foods (NYSE:HRL) last released its earnings results on Thursday, August 22nd. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.29 billion. Hormel Foods had a net margin of 10.34% and a return on equity of 16.75%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. Equities analysts anticipate that Hormel Foods Corp will post 1.73 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Monday, October 21st will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Friday, October 18th. Hormel Foods’s dividend payout ratio is presently 44.44%.
In other news, VP Deanna T. Brady sold 40,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $44.03, for a total value of $1,761,200.00. Following the sale, the vice president now directly owns 75,172 shares of the company’s stock, valued at approximately $3,309,823.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Howse Steve 226,215 shares of the firm’s stock in a transaction dated Friday, October 18th. Insiders sold a total of 126,670 shares of company stock worth $5,520,877 over the last ninety days. Insiders own 1.11% of the company’s stock.
Hormel Foods 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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