Sigma Investment Counselors Inc. Trims Stake in Hormel Foods Co. (NYSE:HRL)

Sigma Investment Counselors Inc. lowered its position in Hormel Foods Co. (NYSE:HRLGet Rating) by 1.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,117 shares of the company’s stock after selling 645 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Hormel Foods were worth $2,610,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Hormel Foods by 1.7% in the first quarter. Vanguard Group Inc. now owns 33,500,871 shares of the company’s stock worth $1,726,636,000 after purchasing an additional 547,495 shares during the last quarter. State Street Corp grew its holdings in shares of Hormel Foods by 3.8% in the fourth quarter. State Street Corp now owns 29,141,779 shares of the company’s stock worth $1,422,410,000 after purchasing an additional 1,079,695 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Hormel Foods by 2.0% in the fourth quarter. BlackRock Inc. now owns 28,688,282 shares of the company’s stock worth $1,400,275,000 after purchasing an additional 558,537 shares during the last quarter. Capital International Investors grew its holdings in shares of Hormel Foods by 21.8% in the fourth quarter. Capital International Investors now owns 13,780,558 shares of the company’s stock worth $672,613,000 after purchasing an additional 2,463,310 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Hormel Foods by 0.8% in the first quarter. Principal Financial Group Inc. now owns 5,654,799 shares of the company’s stock worth $291,449,000 after purchasing an additional 42,929 shares during the last quarter. Hedge funds and other institutional investors own 39.95% of the company’s stock.

Analyst Upgrades and Downgrades

HRL has been the topic of several recent research reports. Argus dropped their target price on shares of Hormel Foods from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler dropped their target price on shares of Hormel Foods from $48.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, September 2nd. Stephens dropped their target price on shares of Hormel Foods to $52.00 in a report on Tuesday, September 6th. Finally, Credit Suisse Group dropped their target price on shares of Hormel Foods to $44.00 in a report on Friday, June 3rd. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.00.

Hormel Foods Stock Down 0.6 %

Shares of NYSE:HRL traded down $0.29 during trading on Friday, reaching $46.76. The stock had a trading volume of 59,196 shares, compared to its average volume of 1,805,786. Hormel Foods Co. has a one year low of $40.48 and a one year high of $55.11. The company has a market capitalization of $25.54 billion, a P/E ratio of 25.55, a PEG ratio of 3.52 and a beta of 0.12. The company has a current ratio of 2.40, a quick ratio of 1.21 and a debt-to-equity ratio of 0.45. The firm’s 50-day simple moving average is $48.56 and its 200 day simple moving average is $49.31.

Hormel Foods (NYSE:HRLGet Rating) last released its quarterly earnings results on Thursday, September 1st. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.01). The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3 billion. Hormel Foods had a net margin of 7.93% and a return on equity of 13.92%. The firm’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 earnings per share. As a group, research analysts expect that Hormel Foods Co. will post 1.81 EPS for the current fiscal year.

Insider Activity at Hormel Foods

In related news, SVP Kevin L. Myers sold 5,000 shares of the stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $47.20, for a total value of $236,000.00. Following the completion of the transaction, the senior vice president now directly owns 32,954 shares of the company’s stock, valued at approximately $1,555,428.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.78% of the stock is currently owned by insiders.

About Hormel Foods

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Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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

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