JPMorgan Chase & Co. Lowers Stake in Hormel Foods Corporation $HRL

JPMorgan Chase & Co. cut its position in Hormel Foods Corporation (NYSE:HRL) by 25.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,410,441 shares of the company’s stock after selling 478,814 shares during the period. JPMorgan Chase & Co. owned about 0.26% of Hormel Foods worth $42,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cromwell Holdings LLC boosted its holdings in Hormel Foods by 162.7% in the 2nd 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 purchased a new position in shares of Hormel Foods in the first quarter valued at about $41,000. Assetmark Inc. boosted its stake in shares of Hormel Foods by 1,490.7% in the second 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. Parkside Financial Bank & Trust grew its position 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 worth $63,000 after purchasing an additional 1,697 shares in the last quarter. Finally, Motco grew its position in shares of Hormel Foods by 5,333.3% during the second quarter. Motco now owns 2,445 shares of the company’s stock worth $69,000 after purchasing an additional 2,400 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Price Performance

HRL stock opened at $23.30 on Tuesday. Hormel Foods Corporation has a 52 week low of $21.03 and a 52 week high of $33.80. The firm has a market capitalization of $12.82 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 4.95 and a beta of 0.29. The company has a fifty day simple moving average of $23.26 and a two-hundred day simple moving average of $26.87. The company has a quick ratio of 1.12, a current ratio of 2.47 and a debt-to-equity ratio of 0.35.

Hormel Foods Increases Dividend

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

Wall Street Analysts Forecast Growth

HRL has been the subject of several recent analyst reports. Zacks Research downgraded Hormel Foods from a “hold” rating to a “strong sell” rating in a research note on Friday, August 29th. The Goldman Sachs Group set a $27.00 target price on shares of Hormel Foods and gave the stock a “buy” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Wednesday, October 8th. Bank of America decreased their price target on shares of Hormel Foods from $35.00 to $28.00 and set a “neutral” rating on the stock in a research note on Friday, August 29th. Finally, Barclays restated an “overweight” rating and set a $34.00 price objective (down previously from $36.00) on shares of Hormel Foods in a research report on Friday, August 29th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $28.86.

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.