Martingale Asset Management L P raised its stake in Hormel Foods Corp (NYSE:HRL) by 77.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 461,909 shares of the company’s stock after acquiring an additional 201,503 shares during the period. Martingale Asset Management L P’s holdings in Hormel Foods were worth $20,676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Advisor Partners LLC boosted its stake in Hormel Foods by 1.8% in the first quarter. Advisor Partners LLC now owns 15,072 shares of the company’s stock valued at $675,000 after acquiring an additional 271 shares in the last quarter. Benedict Financial Advisors Inc. boosted its stake in Hormel Foods by 0.3% in the fourth quarter. Benedict Financial Advisors Inc. now owns 85,017 shares of the company’s stock valued at $3,629,000 after acquiring an additional 280 shares in the last quarter. Cox Capital Mgt LLC boosted its stake in shares of Hormel Foods by 1.0% during the fourth quarter. Cox Capital Mgt LLC now owns 38,082 shares of the company’s stock worth $1,583,000 after buying an additional 380 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Hormel Foods by 4.0% during the fourth quarter. Daiwa Securities Group Inc. now owns 10,483 shares of the company’s stock worth $447,000 after buying an additional 400 shares during the period. Finally, Legacy Financial Strategies LLC boosted its stake in shares of Hormel Foods by 2.8% during the fourth quarter. Legacy Financial Strategies LLC now owns 15,059 shares of the company’s stock worth $643,000 after buying an additional 415 shares during the period. Institutional investors own 44.29% of the company’s stock.
Shares of HRL opened at $39.13 on Friday. Hormel Foods Corp has a fifty-two week low of $34.12 and a fifty-two week high of $46.26. The stock has a market cap of $21.33 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 2.93 and a beta of 0.12. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.77.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, May 23rd. The company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.37 billion. Hormel Foods had a net margin of 9.93% and a return on equity of 17.58%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. On average, sell-side analysts anticipate that Hormel Foods Corp will post 1.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.21 dividend. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.84 dividend on an annualized basis and a yield of 2.15%. Hormel Foods’s payout ratio is currently 44.44%.
HRL has been the subject of several recent research reports. Jefferies Financial Group reiterated a “hold” rating and set a $44.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Credit Suisse Group reiterated a “hold” rating and set a $39.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Zacks Investment Research upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Thursday, February 28th. Stephens initiated coverage on shares of Hormel Foods in a research note on Monday, March 4th. They set an “equal weight” rating for the company. Finally, ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $40.20.
In related news, SVP Mark A. Coffey sold 15,058 shares of the firm’s stock in a transaction dated Friday, March 29th. The shares were sold at an average price of $44.64, for a total value of $672,189.12. Following the completion of the sale, the senior vice president now owns 37,135 shares in the company, valued at $1,657,706.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Elsa A. Murano sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.13, for a total transaction of $189,585.00. Following the completion of the sale, the director now owns 101,067 shares of the company’s stock, valued at approximately $4,257,952.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 274,705 shares of company stock valued at $12,116,336. 1.11% of the stock is owned by insiders.
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, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corp (NYSE:HRL).
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.