GAM Holding AG reduced its stake in shares of Hormel Foods Corp (NYSE:HRL) by 10.5% in the 3rd quarter, Holdings Channel reports. The firm owned 63,143 shares of the company’s stock after selling 7,422 shares during the quarter. GAM Holding AG’s holdings in Hormel Foods were worth $2,488,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Hormel Foods by 1.8% during the 2nd quarter. BlackRock Inc. now owns 20,547,912 shares of the company’s stock valued at $764,587,000 after purchasing an additional 358,834 shares during the last quarter. Macquarie Group Ltd. raised its stake in Hormel Foods by 45,760.7% during the 2nd quarter. Macquarie Group Ltd. now owns 6,191,200 shares of the company’s stock valued at $230,375,000 after purchasing an additional 6,177,700 shares during the last quarter. Victory Capital Management Inc. raised its stake in Hormel Foods by 28.6% during the 3rd quarter. Victory Capital Management Inc. now owns 4,910,525 shares of the company’s stock valued at $193,474,000 after purchasing an additional 1,093,493 shares during the last quarter. US Bancorp DE raised its stake in Hormel Foods by 14.0% during the 3rd quarter. US Bancorp DE now owns 2,260,439 shares of the company’s stock valued at $89,062,000 after purchasing an additional 278,314 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Hormel Foods by 0.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,916,693 shares of the company’s stock valued at $75,511,000 after purchasing an additional 14,099 shares during the last quarter. Hedge funds and other institutional investors own 42.28% of the company’s stock.
Shares of HRL stock opened at $45.54 on Tuesday. Hormel Foods Corp has a 52-week low of $31.71 and a 52-week high of $46.26. The firm has a market capitalization of $24.04 billion, a PE ratio of 25.33, a price-to-earnings-growth ratio of 2.95 and a beta of 0.13. The company has a quick ratio of 0.95, a current ratio of 1.80 and a debt-to-equity ratio of 0.11.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Monday, January 14th will be issued a $0.21 dividend. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, January 11th. This represents a $0.84 annualized dividend and a dividend yield of 1.84%. Hormel Foods’s dividend payout ratio is presently 39.68%.
In other news, insider Luis G. Marconi sold 28,700 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $45.54, for a total value of $1,306,998.00. Following the sale, the insider now owns 21,870 shares of the company’s stock, valued at approximately $995,959.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Dakota A. Pippins sold 1,750 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $39.59, for a total transaction of $69,282.50. Following the completion of the sale, the director now directly owns 91,797 shares in the company, valued at approximately $3,634,243.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,048 shares of company stock worth $5,303,643. 1.48% of the stock is owned by insiders.
HRL has been the subject of a number of recent research reports. Jefferies Financial Group restated a “buy” rating and issued a $44.00 price objective on shares of Hormel Foods in a research note on Wednesday, August 29th. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. JPMorgan Chase & Co. initiated coverage on shares of Hormel Foods in a research note on Friday, September 28th. They issued a “neutral” rating and a $41.00 price objective for the company. Buckingham Research increased their price objective on shares of Hormel Foods from $32.00 to $34.00 and gave the company a “neutral” rating in a research note on Thursday, August 16th. Finally, Vertical Group cut shares of 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. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $40.56.
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Hormel Foods Company 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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