Addenda Capital Inc. reduced its holdings in Hormel Foods Corp (NYSE:HRL) by 6.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 91,553 shares of the company’s stock after selling 6,355 shares during the period. Addenda Capital Inc.’s holdings in Hormel Foods were worth $3,333,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of HRL. Dupont Capital Management Corp bought a new position in Hormel Foods in the 3rd quarter worth approximately $100,000. Acrospire Investment Management LLC bought a new position in Hormel Foods in the 2nd quarter worth approximately $111,000. BB&T Investment Services Inc. bought a new position in Hormel Foods in the 2nd quarter worth approximately $118,000. Keel Point LLC increased its position in Hormel Foods by 2.5% in the 2nd quarter. Keel Point LLC now owns 5,999 shares of the company’s stock worth $205,000 after buying an additional 145 shares during the period. Finally, Pacer Advisors Inc. increased its position in Hormel Foods by 8.3% in the 2nd quarter. Pacer Advisors Inc. now owns 6,054 shares of the company’s stock worth $207,000 after buying an additional 464 shares during the period. 38.09% of the stock is currently owned by institutional investors.
Shares of Hormel Foods Corp (HRL) opened at $34.55 on Friday. The stock has a market capitalization of $18,185.95, a P/E ratio of 21.73, a PEG ratio of 2.21 and a beta of 0.65. The company has a current ratio of 1.91, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. Hormel Foods Corp has a 1 year low of $29.75 and a 1 year high of $38.00.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be given a dividend of $0.1875 per share. The ex-dividend date of this dividend is Friday, January 12th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.17%. Hormel Foods’s payout ratio is currently 47.47%.
HRL has been the topic of several recent analyst reports. Morgan Stanley initiated coverage on Hormel Foods in a research report on Friday, November 3rd. They issued an “underweight” rating and a $26.00 price target on the stock. Barclays set a $40.00 price target on Hormel Foods and gave the stock an “overweight” rating in a research report on Friday, December 1st. KeyCorp initiated coverage on Hormel Foods in a research report on Tuesday, October 31st. They issued a “hold” rating on the stock. Mizuho set a $34.00 price target on Hormel Foods and gave the stock a “hold” rating in a research report on Saturday, November 25th. Finally, Zacks Investment Research raised Hormel Foods from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research report on Thursday, November 23rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Hormel Foods presently has an average rating of “Hold” and a consensus target price of $35.70.
In related news, insider Steven G. Binder sold 50,000 shares of the business’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $34.18, for a total value of $1,709,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Thomas R. Day sold 34,346 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $36.47, for a total value of $1,252,598.62. Following the completion of the sale, the insider now directly owns 73,770 shares in the company, valued at approximately $2,690,391.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,001 shares of company stock worth $4,612,826. 3.54% of the stock is currently owned by company insiders.
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About Hormel Foods
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