PAX Financial Group LLC increased its holdings in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 10.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,249 shares of the company’s stock after buying an additional 1,081 shares during the quarter. PAX Financial Group LLC’s holdings in Hormel Foods were worth $580,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the business. Riverview Trust Co acquired a new position in Hormel Foods in the 1st quarter worth about $27,000. GHP Investment Advisors Inc. acquired a new position in Hormel Foods in the 1st quarter worth about $27,000. Sandy Cove Advisors LLC acquired a new position in Hormel Foods in the 4th quarter worth about $31,000. Leverty Financial Group LLC acquired a new position in Hormel Foods in the 4th quarter worth about $32,000. Finally, Hanson & Doremus Investment Management acquired a new position in Hormel Foods in the 1st quarter worth about $33,000. 41.06% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other Hormel Foods news, SVP Kevin L. Myers sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total value of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at $1,481,405.83. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Kevin L. Myers sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total value of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at $1,481,405.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher J. Policinski sold 2,110 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $46.27, for a total value of $97,629.70. Following the completion of the transaction, the director now owns 85,254 shares in the company, valued at approximately $3,944,702.58. The disclosure for this sale can be found here. Corporate insiders own 0.78% of the company’s stock.
Hormel Foods Trading Up 0.4 %
Hormel Foods (NYSE:HRL – Get Rating) last released its earnings results on Thursday, June 2nd. The company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.46 by $0.02. The business had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 earnings per share. Research analysts expect that Hormel Foods Co. will post 1.87 earnings per share for the current year.
Hormel Foods Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, August 15th. Shareholders of record on Monday, July 11th were issued a $0.26 dividend. The ex-dividend date was Friday, July 8th. This represents a $1.04 annualized dividend and a yield of 2.05%. Hormel Foods’s payout ratio is currently 59.43%.
Analyst Ratings Changes
HRL has been the subject of several recent research reports. Credit Suisse Group decreased their price target on Hormel Foods to $44.00 in a research note on Friday, June 3rd. Piper Sandler decreased their price target on Hormel Foods to $48.00 in a research note on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $47.83.
About Hormel Foods
Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
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