A number of other brokerages have also recently weighed in on HRL. Zacks Investment Research reaffirmed a sell rating on shares of Hormel Foods in a research note on Tuesday, November 13th. Vertical Group cut Hormel Foods from a hold rating to a sell rating in a research note on Tuesday, November 6th. They noted that the move was a valuation call. Piper Jaffray Companies set a $50.00 price objective on Hormel Foods and gave the company a buy rating in a research note on Tuesday, November 6th. BMO Capital Markets cut Hormel Foods from an outperform rating to a market perform rating and lifted their price objective for the company from $38.00 to $44.00 in a research note 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 research note on Thursday, September 6th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $40.56.
Shares of NYSE HRL opened at $45.67 on Wednesday. Hormel Foods has a twelve month low of $31.71 and a twelve month high of $46.26. The company has a quick ratio of 0.78, a current ratio of 1.80 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $24.22 billion, a PE ratio of 24.16, a PEG ratio of 2.97 and a beta of 0.14.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Monday, January 14th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.84%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, January 11th. Hormel Foods’s payout ratio is presently 39.68%.
In related news, Chairman James P. Snee sold 21,923 shares of the business’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total transaction of $829,785.55. Following the completion of the transaction, the chairman now directly owns 49,326 shares of the company’s stock, valued at approximately $1,866,989.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Terrell K. Crews sold 6,630 shares of the business’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $42.07, for a total value of $278,924.10. Following the transaction, the director now directly owns 106,027 shares of the company’s stock, valued at $4,460,555.89. The disclosure for this sale can be found here. Insiders have sold a total of 138,632 shares of company stock valued at $5,556,981 over the last three months. 3.54% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRL. Advisor Partners LLC boosted its position in shares of Hormel Foods by 9.2% during the 3rd quarter. Advisor Partners LLC now owns 13,826 shares of the company’s stock worth $545,000 after acquiring an additional 1,167 shares in the last quarter. FMR LLC boosted its position in shares of Hormel Foods by 2.7% during the 3rd quarter. FMR LLC now owns 46,834 shares of the company’s stock worth $1,845,000 after acquiring an additional 1,250 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Hormel Foods by 3.0% during the 2nd quarter. CIBC Asset Management Inc now owns 47,782 shares of the company’s stock worth $1,778,000 after acquiring an additional 1,383 shares in the last quarter. Amalgamated Bank boosted its position in shares of Hormel Foods by 4.2% during the 2nd quarter. Amalgamated Bank now owns 34,914 shares of the company’s stock worth $1,299,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Synovus Financial Corp boosted its position in shares of Hormel Foods by 2.8% during the 2nd quarter. Synovus Financial Corp now owns 52,252 shares of the company’s stock worth $1,944,000 after acquiring an additional 1,402 shares in the last quarter. 41.65% of the stock is owned by hedge funds and other institutional investors.
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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