Grandfield & Dodd LLC Acquires New Stake in Hormel Foods Corporation $HRL

Grandfield & Dodd LLC purchased a new position in shares of Hormel Foods Corporation (NYSE:HRL) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,005,902 shares of the company’s stock, valued at approximately $24,967,000. Hormel Foods makes up about 1.3% of Grandfield & Dodd LLC’s holdings, making the stock its 24th biggest holding. Grandfield & Dodd LLC owned approximately 0.18% of Hormel Foods at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vest Financial LLC lifted its stake in shares of Hormel Foods by 9.1% in the fourth quarter. Vest Financial LLC now owns 2,042,541 shares of the company’s stock worth $48,408,000 after acquiring an additional 171,137 shares in the last quarter. Masters Capital Management LLC acquired a new stake in Hormel Foods during the 1st quarter valued at approximately $19,252,000. Fidelity National Financial Inc. purchased a new stake in Hormel Foods during the 4th quarter worth approximately $15,642,000. BNP Paribas Financial Markets increased its holdings in Hormel Foods by 21.2% during the 4th quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company’s stock worth $11,025,000 after purchasing an additional 81,420 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Hormel Foods by 9.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,615,614 shares of the company’s stock valued at $38,290,000 after purchasing an additional 138,439 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

Shares of HRL opened at $24.04 on Tuesday. Hormel Foods Corporation has a 52 week low of $19.70 and a 52 week high of $29.34. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.23 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 2.83 and a beta of 0.34. The stock has a 50 day moving average of $24.93 and a 200-day moving average of $23.45.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Stephens reissued an “equal weight” rating and set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, August 12th. Bank of America increased their price objective on shares of Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. BNP Paribas Exane boosted their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $26.57.

Insider Activity at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the sale, the director owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.58% of the company’s stock.

Hormel Foods 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.