Mitsubishi UFJ Asset Management Co. Ltd. Purchases Shares of 584,917 Hormel Foods Corporation $HRL

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Hormel Foods Corporation (NYSE:HRL) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 584,917 shares of the company’s stock, valued at approximately $14,518,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.11% of Hormel Foods at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. AMG National Trust Bank purchased a new position in shares of Hormel Foods in the second quarter worth approximately $8,338,000. Global Retirement Partners LLC purchased a new stake in shares of Hormel Foods in the 2nd quarter valued at approximately $37,000. Bank of New York Mellon Corp acquired a new position in Hormel Foods in the 2nd quarter worth approximately $36,876,000. State of Wyoming acquired a new position in Hormel Foods in the 2nd quarter worth approximately $495,000. Finally, Vest Financial LLC grew its position in Hormel Foods by 7.8% during the 2nd quarter. Vest Financial LLC now owns 2,285,103 shares of the company’s stock worth $56,716,000 after purchasing an additional 165,403 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on HRL. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a research note on Thursday, May 21st. Stephens reissued an “equal weight” rating and issued a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, August 14th. Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. Finally, BNP Paribas Exane upped their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Hormel Foods currently has an average rating of “Hold” and an average target price of $26.57.

Hormel Foods Trading Down 1.4%

Shares of HRL opened at $24.07 on Friday. Hormel Foods Corporation has a 12-month low of $19.70 and a 12-month high of $29.34. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $13.25 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 2.81 and a beta of 0.34. The stock’s 50-day moving average price is $24.93 and its 200 day moving average price is $23.44.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter last year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Insider Transactions at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the transaction, the director directly owned 32,002 shares of the company’s stock, valued at approximately $784,369.02. This trade represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.58% of the stock is currently owned by corporate insiders.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.