Stonebridge Capital Advisors LLC bought a new stake in Hormel Foods Corporation (NYSE:HRL) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,550 shares of the company’s stock, valued at approximately $223,000.
Several other hedge funds have also added to or reduced their stakes in HRL. BlackRock Inc. grew its holdings in shares of Hormel Foods Corporation by 1,105.9% in the first quarter. BlackRock Inc. now owns 18,991,436 shares of the company’s stock valued at $657,673,000 after acquiring an additional 17,416,591 shares in the last quarter. State Street Corp grew its holdings in shares of Hormel Foods Corporation by 93.3% in the first quarter. State Street Corp now owns 30,094,045 shares of the company’s stock valued at $1,042,171,000 after acquiring an additional 14,529,149 shares in the last quarter. Fairpointe Capital LLC bought a new position in shares of Hormel Foods Corporation in the second quarter valued at approximately $113,723,000. Westwood Holdings Group Inc. grew its holdings in shares of Hormel Foods Corporation by 738.9% in the first quarter. Westwood Holdings Group Inc. now owns 2,532,454 shares of the company’s stock valued at $87,700,000 after acquiring an additional 2,230,574 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Hormel Foods Corporation by 5.6% in the first quarter. Vanguard Group Inc. now owns 30,268,756 shares of the company’s stock valued at $1,048,207,000 after acquiring an additional 1,608,528 shares in the last quarter. 38.95% of the stock is owned by institutional investors.
In other Hormel Foods Corporation news, insider Steven G. Binder sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $32.00, for a total value of $480,000.00. Following the transaction, the insider now owns 26,838 shares of the company’s stock, valued at $858,816. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP James N. Sheehan sold 35,704 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $30.87, for a total value of $1,102,182.48. Following the completion of the transaction, the vice president now directly owns 60,000 shares in the company, valued at approximately $1,852,200. The disclosure for this sale can be found here. In the last three months, insiders sold 169,704 shares of company stock worth $5,343,032. Insiders own 3.54% of the company’s stock.
Several equities analysts have recently issued reports on HRL shares. Credit Suisse Group dropped coverage on Hormel Foods Corporation in a report on Saturday, August 26th. They issued an “outperform” rating for the company. BidaskClub raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $34.00 target price on shares of Hormel Foods Corporation in a report on Friday, June 30th. Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Finally, Mizuho reaffirmed a “hold” rating and issued a $33.00 target price on shares of Hormel Foods Corporation in a report on Wednesday, October 4th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Hormel Foods Corporation presently has a consensus rating of “Hold” and a consensus target price of $37.00.
COPYRIGHT VIOLATION WARNING: This story was originally posted by Markets Daily and is owned by of Markets Daily. If you are accessing this story on another site, it was stolen and reposted in violation of international copyright & trademark legislation. The correct version of this story can be viewed at https://www.themarketsdaily.com/2017/10/11/6550-shares-in-hormel-foods-corporation-hrl-acquired-by-stonebridge-capital-advisors-llc.html.
Hormel Foods Corporation (NYSE HRL) traded up 0.016% during trading on Wednesday, reaching $31.755. The company had a trading volume of 380,343 shares. The firm’s 50 day moving average price is $31.58 and its 200 day moving average price is $33.51. The firm has a market capitalization of $16.76 billion, a PE ratio of 19.602 and a beta of 0.58. Hormel Foods Corporation has a 12-month low of $30.50 and a 12-month high of $38.84.
Hormel Foods Corporation (NYSE:HRL) last announced its quarterly earnings results on Thursday, August 24th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the company earned $0.36 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. Equities research analysts forecast that Hormel Foods Corporation will post $1.56 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Friday, October 20th. Hormel Foods Corporation’s dividend payout ratio (DPR) is 41.98%.
About Hormel Foods Corporation
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corporation (NYSE:HRL).
Receive News & Ratings for Hormel Foods Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods Corporation and related companies with MarketBeat.com's FREE daily email newsletter.