Huntington National Bank increased its position in Hormel Foods Corp (NYSE:HRL) by 9.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,967 shares of the company’s stock after purchasing an additional 267 shares during the quarter. Huntington National Bank’s holdings in Hormel Foods were worth $130,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. MUFG Americas Holdings Corp bought a new position in Hormel Foods in the second quarter worth approximately $35,000. TRUE Private Wealth Advisors bought a new position in Hormel Foods in the second quarter worth approximately $36,000. Dougherty Wealth Advisers LLC grew its stake in Hormel Foods by 350.0% in the second quarter. Dougherty Wealth Advisers LLC now owns 900 shares of the company’s stock worth $36,000 after purchasing an additional 700 shares in the last quarter. CSat Investment Advisory L.P. grew its stake in Hormel Foods by 153.8% in the second quarter. CSat Investment Advisory L.P. now owns 1,452 shares of the company’s stock worth $59,000 after purchasing an additional 880 shares in the last quarter. Finally, Country Trust Bank grew its stake in Hormel Foods by 190.7% in the second quarter. Country Trust Bank now owns 1,692 shares of the company’s stock worth $69,000 after purchasing an additional 1,110 shares in the last quarter. 44.40% of the stock is currently owned by institutional investors.
NYSE HRL traded up $0.34 during midday trading on Friday, hitting $41.97. 1,133,586 shares of the company traded hands, compared to its average volume of 2,658,405. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.09 and a quick ratio of 1.06. The company has a market cap of $22.22 billion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 2.76 and a beta of 0.04. The company’s 50-day simple moving average is $41.95 and its 200-day simple moving average is $41.31. Hormel Foods Corp has a 52 week low of $37.00 and a 52 week high of $46.26.
Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, August 22nd. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Hormel Foods had a return on equity of 16.75% and a net margin of 10.34%. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. On average, research analysts predict that Hormel Foods Corp will post 1.73 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Monday, October 21st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $0.84 annualized dividend and a yield of 2.00%. Hormel Foods’s dividend payout ratio (DPR) is presently 44.44%.
Several research analysts recently issued reports on the company. Stephens set a $37.00 price objective on Hormel Foods and gave the stock a “hold” rating in a research note on Monday, August 12th. Bank of America assumed coverage on Hormel Foods in a research report on Friday, October 25th. They set an “underperform” rating and a $40.00 target price on the stock. BMO Capital Markets set a $44.00 target price on Hormel Foods and gave the company a “hold” rating in a research report on Friday, August 23rd. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 target price on the stock in a research report on Tuesday, August 27th. Finally, ValuEngine cut Hormel Foods from a “buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company’s stock. Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $40.09.
In other news, VP Deanna T. Brady sold 40,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $44.03, for a total value of $1,761,200.00. Following the completion of the sale, the vice president now owns 75,172 shares of the company’s stock, valued at approximately $3,309,823.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Howse Steve 226,215 shares of the business’s stock in a transaction dated Friday, October 18th. Insiders sold a total of 126,670 shares of company stock valued at $5,520,877 in the last three months. Insiders own 1.11% of the company’s stock.
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.
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