BlackRock Inc. Increases Stock Position in Hormel Foods Co. (NYSE:HRL)

BlackRock Inc. boosted its stake in shares of Hormel Foods Co. (NYSE:HRL) by 0.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,129,745 shares of the company’s stock after buying an additional 13,088 shares during the quarter. BlackRock Inc. owned 0.05% of Hormel Foods worth $1,153,319,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in HRL. OLD Mission Capital LLC purchased a new position in Hormel Foods during the third quarter worth about $5,651,000. American Century Companies Inc. boosted its stake in Hormel Foods by 25.6% during the second quarter. American Century Companies Inc. now owns 9,319 shares of the company’s stock worth $445,000 after buying an additional 1,902 shares during the period. HighTower Advisors LLC boosted its stake in Hormel Foods by 7.7% during the second quarter. HighTower Advisors LLC now owns 13,425 shares of the company’s stock worth $642,000 after buying an additional 956 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Hormel Foods by 13.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 54,941 shares of the company’s stock worth $2,623,000 after buying an additional 6,318 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its stake in Hormel Foods by 789.6% during the second quarter. O Shaughnessy Asset Management LLC now owns 943 shares of the company’s stock worth $45,000 after buying an additional 837 shares during the period. 40.38% of the stock is owned by institutional investors.

Shares of Hormel Foods stock opened at $49.08 on Friday. Hormel Foods Co. has a 52-week low of $40.48 and a 52-week high of $50.86. The company has a 50 day moving average of $45.87 and a 200 day moving average of $44.88. The company has a quick ratio of 1.12, a current ratio of 2.08 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $26.63 billion, a P/E ratio of 29.57, a P/E/G ratio of 3.39 and a beta of 0.08.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, December 9th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. Hormel Foods had a net margin of 7.98% and a return on equity of 13.97%. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the firm earned $0.43 earnings per share. The firm’s quarterly revenue was up 42.8% on a year-over-year basis. As a group, research analysts anticipate that Hormel Foods Co. will post 1.97 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 15th. Shareholders of record on Tuesday, January 18th will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, January 14th. This represents a $1.04 dividend on an annualized basis and a yield of 2.12%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.25. Hormel Foods’s dividend payout ratio (DPR) is presently 59.04%.

In other Hormel Foods news, VP Jana L. Haynes sold 14,100 shares of the firm’s stock in a transaction that occurred on Friday, December 17th. The shares were sold at an average price of $49.14, for a total transaction of $692,874.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Gary Jamison sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, January 10th. The stock was sold at an average price of $50.30, for a total transaction of $402,400.00. The disclosure for this sale can be found here. 0.78% of the stock is currently owned by company insiders.

HRL has been the subject of several recent research reports. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and set a $42.00 price objective for the company in a research note on Friday, October 8th. Piper Sandler raised their price objective on shares of Hormel Foods from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Friday, December 10th. TheStreet raised shares of Hormel Foods from a “c+” rating to a “b-” rating in a research note on Friday, December 17th. Credit Suisse Group raised their price objective on shares of Hormel Foods from $42.00 to $44.00 and gave the company a “neutral” rating in a research note on Friday, December 10th. Finally, BMO Capital Markets reissued a “hold” rating on shares of Hormel Foods in a research note on Friday, December 10th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $46.60.

About Hormel Foods

Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold in the retail market.

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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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