Oak Point Wealth Management purchased a new position in shares of Hormel Foods Corp (NYSE:HRL) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,089 shares of the company’s stock, valued at approximately $478,000.
A number of other large investors also recently modified their holdings of the stock. RK Asset Management LLC acquired a new stake in Hormel Foods during the fourth quarter worth approximately $4,415,000. Hefty Wealth Partners bought a new stake in Hormel Foods during the fourth quarter worth $960,000. Smith Shellnut Wilson LLC ADV lifted its stake in Hormel Foods by 88.3% during the third quarter. Smith Shellnut Wilson LLC ADV now owns 11,985 shares of the company’s stock worth $385,000 after purchasing an additional 5,621 shares during the last quarter. Americafirst Capital Management LLC bought a new stake in Hormel Foods during the third quarter worth $649,000. Finally, Belpointe Asset Management LLC bought a new stake in Hormel Foods during the third quarter worth $383,000. 38.09% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on HRL shares. Stephens cut their target price on Hormel Foods from $50.00 to $38.00 and set an “overweight” rating for the company in a research note on Thursday, October 19th. Morgan Stanley started coverage on Hormel Foods in a research note on Friday, November 3rd. They set an “underweight” rating and a $26.00 target price for the company. Jefferies Group set a $34.00 target price on Hormel Foods and gave the stock a “hold” rating in a research note on Sunday, October 29th. Credit Suisse Group set a $33.00 target price on Hormel Foods and gave the stock a “hold” rating in a research note on Friday, November 24th. Finally, KeyCorp started coverage on Hormel Foods in a research note on Tuesday, October 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $35.70.
Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. The company had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same period in the prior year, the company earned $0.45 EPS. Hormel Foods’s revenue was down 5.1% compared to the same quarter last year. sell-side analysts predict that Hormel Foods Corp will post 1.67 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 2.06%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. Hormel Foods’s dividend payout ratio is presently 43.31%.
In other news, Director Elsa A. Murano sold 7,129 shares of the stock in a transaction on Thursday, January 4th. The stock was sold at an average price of $36.00, for a total value of $256,644.00. Following the completion of the transaction, the director now directly owns 90,991 shares in the company, valued at approximately $3,275,676. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Morrison sold 24,814 shares of the stock in a transaction on Friday, October 13th. The shares were sold at an average price of $31.81, for a total value of $789,333.34. The disclosure for this sale can be found here. Insiders sold a total of 155,815 shares of company stock valued at $5,402,159 over the last quarter. 1.48% of the stock is owned by corporate insiders.
Hormel Foods Company Profile
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