Man Group plc Purchases 677,194 Shares of Hormel Foods Co. (NYSE:HRL)

Man Group plc boosted its position in shares of Hormel Foods Co. (NYSE:HRL) by 186.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,041,356 shares of the company’s stock after purchasing an additional 677,194 shares during the quarter. Man Group plc’s holdings in Hormel Foods were worth $32,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $102,598,000. Bank of New York Mellon Corp boosted its stake in Hormel Foods by 67.1% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company’s stock valued at $91,810,000 after acquiring an additional 1,175,087 shares during the last quarter. Stifel Financial Corp grew its holdings in Hormel Foods by 33.9% during the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company’s stock worth $137,227,000 after acquiring an additional 1,107,270 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Hormel Foods by 20.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,751,307 shares of the company’s stock valued at $117,674,000 after acquiring an additional 634,630 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Hormel Foods by 7.3% during the 4th quarter. Invesco Ltd. now owns 7,843,207 shares of the company’s stock valued at $246,041,000 after acquiring an additional 533,657 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HRL shares. Bank of America upgraded Hormel Foods from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. Stephens restated an “equal weight” rating and set a $31.00 target price on shares of Hormel Foods in a report on Tuesday, February 18th. Finally, Barclays raised Hormel Foods from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Hormel Foods currently has an average rating of “Hold” and a consensus target price of $32.33.

Insider Transactions at Hormel Foods

In related news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction that occurred on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the sale, the director now directly owns 95,488 shares of the company’s stock, valued at approximately $2,902,835.20. This represents a 4.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by insiders.

Hormel Foods Price Performance

HRL opened at $30.14 on Friday. The stock has a market cap of $16.57 billion, a P/E ratio of 20.64, a P/E/G ratio of 2.73 and a beta of 0.34. Hormel Foods Co. has a 12 month low of $27.59 and a 12 month high of $36.86. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. The company has a fifty day simple moving average of $29.89 and a 200 day simple moving average of $30.31.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, April 14th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, April 14th. This represents a $1.16 annualized dividend and a dividend yield of 3.85%. Hormel Foods’s dividend payout ratio (DPR) is currently 84.67%.

Hormel Foods Company Profile

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.