Quantinno Capital Management LP Boosts Position in Hormel Foods Corporation $HRL

Quantinno Capital Management LP grew its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 4.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 497,409 shares of the company’s stock after buying an additional 21,824 shares during the period. Quantinno Capital Management LP’s holdings in Hormel Foods were worth $11,266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its position in shares of Hormel Foods by 1.0% in the third quarter. State Street Corp now owns 28,338,645 shares of the company’s stock valued at $701,098,000 after acquiring an additional 269,941 shares during the period. Invesco Ltd. increased its holdings in Hormel Foods by 66.5% during the 3rd quarter. Invesco Ltd. now owns 11,331,941 shares of the company’s stock worth $280,352,000 after acquiring an additional 4,526,167 shares during the period. Geode Capital Management LLC lifted its stake in Hormel Foods by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 8,080,832 shares of the company’s stock worth $190,805,000 after purchasing an additional 63,583 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Hormel Foods by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,849,174 shares of the company’s stock valued at $155,152,000 after purchasing an additional 134,983 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in Hormel Foods by 14.7% in the 4th quarter. ProShare Advisors LLC now owns 6,618,755 shares of the company’s stock valued at $156,864,000 after purchasing an additional 849,357 shares during the period. 40.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $23.00 price target (down from $28.00) on shares of Hormel Foods in a report on Thursday, April 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of Hormel Foods in a research note on Friday, July 17th. Stephens restated an “equal weight” rating and issued a $25.00 target price on shares of Hormel Foods in a research note on Thursday, July 9th. Bank of America raised their price target on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Finally, The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a research report on Thursday, May 21st. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $26.14.

Insider Buying and Selling at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the sale, the director owned 32,002 shares in the company, valued at $784,369.02. The trade was a 38.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.58% of the company’s stock.

Hormel Foods Stock Up 0.9%

Shares of NYSE:HRL opened at $25.23 on Tuesday. The firm has a market capitalization of $13.88 billion, a PE ratio of 29.68, a price-to-earnings-growth ratio of 2.88 and a beta of 0.34. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. Hormel Foods Corporation has a 52-week low of $19.70 and a 52-week high of $29.34. The firm has a fifty day moving average of $24.57 and a 200 day moving average of $23.44.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the business posted $0.35 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, research analysts anticipate that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s dividend payout ratio (DPR) is currently 137.65%.

Hormel Foods Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.