Shell Asset Management Co. Decreases Stock Position in Hormel Foods Corp (NYSE:HRL)

Shell Asset Management Co. lessened its position in Hormel Foods Corp (NYSE:HRL) by 7.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 134,449 shares of the company’s stock after selling 11,608 shares during the quarter. Shell Asset Management Co.’s holdings in Hormel Foods were worth $6,271,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CIBC World Markets Inc. lifted its position in shares of Hormel Foods by 4.1% in the fourth quarter. CIBC World Markets Inc. now owns 5,420 shares of the company’s stock valued at $244,000 after acquiring an additional 214 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in shares of Hormel Foods by 4.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,320 shares of the company’s stock valued at $240,000 after acquiring an additional 221 shares in the last quarter. Pittenger & Anderson Inc. lifted its position in shares of Hormel Foods by 0.5% in the fourth quarter. Pittenger & Anderson Inc. now owns 52,385 shares of the company’s stock valued at $2,363,000 after acquiring an additional 235 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in shares of Hormel Foods by 2.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 9,973 shares of the company’s stock valued at $465,000 after acquiring an additional 262 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Hormel Foods by 73.2% in the first quarter. Bessemer Group Inc. now owns 634 shares of the company’s stock valued at $30,000 after acquiring an additional 268 shares in the last quarter. Institutional investors and hedge funds own 44.18% of the company’s stock.

In other Hormel Foods news, SVP Steven J. Lykken sold 10,557 shares of Hormel Foods stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $47.64, for a total value of $502,935.48. Following the sale, the senior vice president now owns 34,714 shares in the company, valued at $1,653,774.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Thomas R. Day sold 46,213 shares of Hormel Foods stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $49.02, for a total value of $2,265,361.26. Following the completion of the sale, the executive vice president now directly owns 79,010 shares of the company’s stock, valued at $3,873,070.20. The disclosure for this sale can be found here. Insiders sold 111,380 shares of company stock worth $5,391,665 in the last 90 days. Company insiders own 1.15% of the company’s stock.

NYSE:HRL traded up $0.92 on Friday, reaching $46.93. The company’s stock had a trading volume of 2,458,502 shares, compared to its average volume of 2,702,442. Hormel Foods Corp has a 12-month low of $37.00 and a 12-month high of $51.53. The company has a quick ratio of 1.31, a current ratio of 1.70 and a debt-to-equity ratio of 0.01. The firm has a market cap of $24.74 billion, a price-to-earnings ratio of 27.44, a price-to-earnings-growth ratio of 4.32 and a beta of -0.06. The stock has a 50 day moving average price of $47.78 and a 200 day moving average price of $45.56.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, May 21st. The company reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.01). Hormel Foods had a net margin of 9.64% and a return on equity of 15.38%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. Hormel Foods’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities research analysts expect that Hormel Foods Corp will post 1.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be given a $0.2325 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $0.93 dividend on an annualized basis and a yield of 1.98%. Hormel Foods’s dividend payout ratio is currently 53.45%.

Several research firms have recently weighed in on HRL. Barclays raised their target price on Hormel Foods from $40.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 31st. Piper Sandler downgraded Hormel Foods from an “overweight” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Tuesday, April 28th. Cfra lifted their price objective on Hormel Foods from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday. Finally, Goldman Sachs Group upgraded Hormel Foods from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $35.00 to $45.00 in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $43.60.

About Hormel Foods

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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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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