Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 50.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 73,203 shares of the company’s stock after selling 74,340 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Hormel Foods were worth $2,884,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in HRL. BNP Paribas Arbitrage SA boosted its position in Hormel Foods by 27.8% during the second quarter. BNP Paribas Arbitrage SA now owns 96,031 shares of the company’s stock worth $3,573,000 after purchasing an additional 20,885 shares during the period. Piedmont Investment Advisors LLC bought a new position in Hormel Foods during the second quarter worth about $118,000. Dupont Capital Management Corp bought a new position in Hormel Foods during the second quarter worth about $135,000. Aperio Group LLC boosted its position in Hormel Foods by 47.0% during the second quarter. Aperio Group LLC now owns 513,943 shares of the company’s stock worth $19,124,000 after purchasing an additional 164,413 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Hormel Foods by 2.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 247,807 shares of the company’s stock worth $9,221,000 after purchasing an additional 6,945 shares during the period. 42.28% of the stock is owned by institutional investors and hedge funds.
HRL stock opened at $45.09 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.80 and a quick ratio of 0.95. Hormel Foods Corp has a 12 month low of $31.71 and a 12 month high of $46.26. The company has a market capitalization of $24.04 billion, a PE ratio of 23.86, a PEG ratio of 2.95 and a beta of 0.13.
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 $0.21 dividend. This is an increase from Hormel Foods’s previous quarterly dividend of $0.19. This represents a $0.84 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Friday, January 11th. Hormel Foods’s dividend payout ratio (DPR) is currently 39.68%.
In other Hormel Foods news, VP Lori J. Marco sold 7,000 shares of Hormel Foods stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $41.50, for a total transaction of $290,500.00. Following the transaction, the vice president now directly owns 55,879 shares of the company’s stock, valued at $2,318,978.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Glenn R. Leitch sold 13,925 shares of Hormel Foods stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $39.14, for a total transaction of $545,024.50. Following the transaction, the insider now directly owns 64,000 shares in the company, valued at $2,504,960. The disclosure for this sale can be found here. Insiders sold 138,973 shares of company stock worth $5,848,668 over the last ninety days. 1.48% of the stock is currently owned by insiders.
A number of equities analysts have weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and set a $44.00 target price on shares of Hormel Foods in a research report on Wednesday, August 29th. Vertical Group lowered shares of Hormel Foods from a “hold” rating to a “sell” rating in a research report on Tuesday, November 6th. They noted that the move was a valuation call. BMO Capital Markets lowered shares of Hormel Foods from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $38.00 to $44.00 in a research report on Monday, September 17th. They noted that the move was a valuation call. Barclays lowered shares of Hormel Foods from an “overweight” rating to an “equal weight” rating and set a $38.00 target price for the company. in a research report on Friday, August 24th. Finally, Buckingham Research increased their target price on shares of Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Hormel Foods has a consensus rating of “Hold” and a consensus price target of $40.56.
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Hormel Foods Profile
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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