CIBC Asset Management Inc Has $1.82 Million Stock Holdings in Hormel Foods Co. (NYSE:HRL)

CIBC Asset Management Inc increased its stake in Hormel Foods Co. (NYSE:HRL) by 6.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,363 shares of the company’s stock after acquiring an additional 3,350 shares during the quarter. CIBC Asset Management Inc’s holdings in Hormel Foods were worth $1,818,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its position in shares of Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after purchasing an additional 647 shares during the period. International Assets Investment Management LLC bought a new position in Hormel Foods during the second quarter worth $34,000. Central Valley Advisors LLC acquired a new position in Hormel Foods in the second quarter valued at $37,000. Sentry Investment Management LLC bought a new stake in Hormel Foods during the second quarter valued at $42,000. Finally, GAMMA Investing LLC grew its holdings in Hormel Foods by 516.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,351 shares of the company’s stock worth $43,000 after acquiring an additional 1,132 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Citigroup reduced their price target on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday. BNP Paribas started coverage on Hormel Foods in a research note on Monday, October 21st. They issued an “underperform” rating and a $28.00 target price for the company. Finally, Stephens began coverage on Hormel Foods in a research note on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.29.

Hormel Foods Trading Up 1.2 %

HRL opened at $29.75 on Wednesday. The firm has a market capitalization of $16.31 billion, a PE ratio of 20.95, a P/E/G ratio of 3.10 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. Hormel Foods Co. has a fifty-two week low of $28.51 and a fifty-two week high of $36.86. The company’s 50-day moving average is $31.12 and its 200 day moving average is $31.81.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. Hormel Foods’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. As a group, research analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were issued a $0.282 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.79%. Hormel Foods’s dividend payout ratio is currently 79.58%.

Insider Activity at Hormel Foods

In other news, VP Steven J. Lykken sold 9,800 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now owns 30,589 shares in the company, valued at $976,094.99. The trade was a 24.26 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at $2,313,850.95. The trade was a 41.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock valued at $2,288,338 over the last ninety days. Corporate insiders own 0.69% of the company’s stock.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.