Mirae Asset Global Investments Co. Ltd. Has $5.76 Million Holdings in Hormel Foods Co. (NYSE:HRL)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Hormel Foods Co. (NYSE:HRLFree Report) by 104.8% in the first quarter, HoldingsChannel reports. The fund owned 152,055 shares of the company’s stock after buying an additional 77,819 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Hormel Foods were worth $5,756,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Federated Hermes Inc. raised its stake in shares of Hormel Foods by 21.1% during the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after purchasing an additional 361 shares in the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of Hormel Foods by 2.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 20,291 shares of the company’s stock worth $708,000 after purchasing an additional 389 shares in the last quarter. D.A. Davidson & CO. raised its stake in shares of Hormel Foods by 4.4% during the 4th quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock worth $310,000 after purchasing an additional 403 shares in the last quarter. Insight Folios Inc raised its stake in shares of Hormel Foods by 6.5% during the 4th quarter. Insight Folios Inc now owns 7,013 shares of the company’s stock worth $225,000 after purchasing an additional 429 shares in the last quarter. Finally, Kentucky Retirement Systems raised its stake in shares of Hormel Foods by 2.1% during the 4th quarter. Kentucky Retirement Systems now owns 23,174 shares of the company’s stock worth $744,000 after purchasing an additional 470 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on HRL. Citigroup cut their price target on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Stephens restated an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $28.00 to $29.00 in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.67.

View Our Latest Report on Hormel Foods

Hormel Foods Stock Up 1.2 %

HRL opened at $30.41 on Thursday. The business has a 50 day moving average price of $32.48 and a 200 day moving average price of $32.58. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $41.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The firm has a market cap of $16.67 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 2.89 and a beta of 0.24.

Hormel Foods (NYSE:HRLGet Free Report) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the company earned $0.40 earnings per share. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. Research analysts forecast that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a dividend of $0.2825 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.72%. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

Hormel Foods Profile

(Free Report)

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.

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

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