JPMorgan Chase & Co. boosted its stake in Hormel Foods Corp (NYSE:HRL) by 34.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,311,256 shares of the company’s stock after buying an additional 332,384 shares during the period. JPMorgan Chase & Co.’s holdings in Hormel Foods were worth $51,664,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Piedmont Investment Advisors LLC bought a new stake in Hormel Foods in the 2nd quarter valued at about $118,000. Fort L.P. bought a new stake in Hormel Foods in the 2nd quarter valued at about $125,000. Moody National Bank Trust Division bought a new stake in Hormel Foods in the 3rd quarter valued at about $142,000. Dupont Capital Management Corp bought a new stake in Hormel Foods in the 2nd quarter valued at about $135,000. Finally, Cape Cod Five Cents Savings Bank bought a new stake in Hormel Foods in the 3rd quarter valued at about $203,000. Institutional investors and hedge funds own 41.65% of the company’s stock.
In other news, insider Deanna T. Brady sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $41.05, for a total transaction of $1,970,400.00. Following the completion of the sale, the insider now owns 83,102 shares of the company’s stock, valued at approximately $3,411,337.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dakota A. Pippins sold 1,750 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the sale, the director now directly owns 91,797 shares of the company’s stock, valued at approximately $3,634,243.23. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 138,632 shares of company stock valued at $5,556,981. 3.54% of the stock is currently owned by insiders.
Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Tuesday, November 20th. The company reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.02. Hormel Foods had a net margin of 10.60% and a return on equity of 18.01%. The company had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the firm posted $0.41 EPS. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. On average, research analysts forecast that Hormel Foods Corp will post 1.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, January 11th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.19. Hormel Foods’s dividend payout ratio is 39.68%.
A number of research firms have issued reports on HRL. Credit Suisse Group set a $39.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a report on Wednesday. Barclays set a $40.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a report on Wednesday. Zacks Investment Research reissued a “sell” rating on shares of Hormel Foods in a report on Tuesday, November 13th. Vertical Group downgraded shares of Hormel Foods from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies set a $50.00 price objective on shares of Hormel Foods and gave the company a “buy” rating in a report on Tuesday, November 6th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $40.56.
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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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