Dividend Assets Capital LLC cut its stake in shares of Hormel Foods Corp (NYSE:HRL) by 1.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 179,836 shares of the company’s stock after selling 3,431 shares during the quarter. Dividend Assets Capital LLC’s holdings in Hormel Foods were worth $7,086,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Piedmont Investment Advisors LLC acquired a new stake in Hormel Foods in the second quarter valued at $118,000. Fort L.P. acquired a new stake in Hormel Foods in the second quarter valued at $125,000. IMS Capital Management acquired a new stake in Hormel Foods in the second quarter valued at $130,000. Dupont Capital Management Corp acquired a new stake in Hormel Foods in the second quarter valued at $135,000. Finally, Moody National Bank Trust Division acquired a new stake in Hormel Foods in the third quarter valued at $142,000. 41.95% of the stock is owned by institutional investors.
A number of equities research analysts have commented on the company. Vertical Group downgraded Hormel Foods from a “hold” rating to a “sell” rating in a report on Tuesday. They noted that the move was a valuation call. Piper Jaffray Companies set a $50.00 target price on Hormel Foods and gave the company a “buy” rating in a report on Tuesday. JPMorgan Chase & Co. assumed coverage on Hormel Foods in a report on Friday, September 28th. They issued a “neutral” rating and a $41.00 target price for the company. BMO Capital Markets downgraded Hormel Foods from an “outperform” rating to a “market perform” rating and raised their target price for the company from $38.00 to $44.00 in a report on Monday, September 17th. They noted that the move was a valuation call. Finally, ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a report on Thursday, September 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $39.67.
Shares of HRL stock opened at $44.08 on Wednesday. Hormel Foods Corp has a fifty-two week low of $30.80 and a fifty-two week high of $44.49. The firm has a market capitalization of $23.03 billion, a PE ratio of 28.08, a PEG ratio of 2.80 and a beta of 0.14. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.69 and a quick ratio of 0.78.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.39. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business posted $0.34 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Hormel Foods Corp will post 1.75 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 22nd will be given a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, October 19th. Hormel Foods’s dividend payout ratio is currently 47.77%.
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, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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