Hormel Foods Corporation $HRL Shares Purchased by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co increased its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 34.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,373 shares of the company’s stock after purchasing an additional 6,972 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Hormel Foods were worth $828,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Cromwell Holdings LLC boosted its position in shares of Hormel Foods by 162.7% in the second quarter. Cromwell Holdings LLC now owns 1,001 shares of the company’s stock worth $30,000 after buying an additional 620 shares during the period. Quarry LP acquired a new position in Hormel Foods during the 1st quarter worth approximately $41,000. Assetmark Inc. boosted its holdings in Hormel Foods by 1,490.7% in the 2nd quarter. Assetmark Inc. now owns 1,543 shares of the company’s stock worth $47,000 after acquiring an additional 1,446 shares during the period. Steward Partners Investment Advisory LLC grew its position in Hormel Foods by 77.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,854 shares of the company’s stock valued at $56,000 after acquiring an additional 809 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Hormel Foods by 436.2% during the second quarter. Parkside Financial Bank & Trust now owns 2,086 shares of the company’s stock valued at $63,000 after purchasing an additional 1,697 shares during the period. 40.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HRL has been the subject of a number of recent analyst reports. Zacks Research lowered shares of Hormel Foods from a “hold” rating to a “strong sell” rating in a report on Friday, August 29th. JPMorgan Chase & Co. lowered their target price on Hormel Foods from $30.00 to $27.00 and set an “overweight” rating for the company in a research note on Friday, November 21st. The Goldman Sachs Group set a $27.00 price target on Hormel Foods and gave the stock a “buy” rating in a research note on Thursday, October 30th. Bank of America reduced their target price on Hormel Foods from $35.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 29th. Finally, Barclays reiterated an “overweight” rating and issued a $34.00 price target (down from $36.00) on shares of Hormel Foods in a report on Friday, August 29th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Hormel Foods has a consensus rating of “Hold” and an average price target of $28.86.

Hormel Foods Stock Up 0.3%

HRL stock opened at $23.29 on Friday. The firm’s 50-day moving average is $23.28 and its two-hundred day moving average is $26.95. The company has a market capitalization of $12.81 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 4.95 and a beta of 0.29. Hormel Foods Corporation has a 52 week low of $21.03 and a 52 week high of $33.80. The company has a current ratio of 2.47, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.06). Hormel Foods had a net margin of 6.26% and a return on equity of 10.06%. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $2.98 billion. During the same quarter in the prior year, the business earned $0.37 EPS. Hormel Foods’s revenue was up 4.6% compared to the same quarter last year. On average, analysts forecast that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, January 12th will be given a dividend of $0.2925 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.29. The ex-dividend date is Monday, January 12th. This represents a $1.17 annualized dividend and a dividend yield of 5.0%. Hormel Foods’s payout ratio is 85.40%.

About Hormel Foods

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.