Clear Harbor Asset Management LLC Buys New Position in Hormel Foods Corporation $HRL

Clear Harbor Asset Management LLC bought a new stake in shares of Hormel Foods Corporation (NYSE:HRL) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 38,240 shares of the company’s stock, valued at approximately $949,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new position in shares of Hormel Foods in the 2nd quarter worth approximately $26,000. Strive Financial Group LLC acquired a new stake in shares of Hormel Foods during the fourth quarter worth $27,000. Motiv8 Investments LLC bought a new position in Hormel Foods during the fourth quarter worth $28,000. Parkside Financial Bank & Trust raised its stake in Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after buying an additional 1,025 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Hormel Foods by 57.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after buying an additional 531 shares during the last quarter. Institutional investors own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Weiss Ratings raised shares of Hormel Foods from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, August 12th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research report on Thursday, May 21st. JPMorgan Chase & Co. boosted their price objective on Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Bank of America upped their target price on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. Finally, BNP Paribas Exane raised their target price on Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 14th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $26.57.

Hormel Foods Trading Down 0.7%

HRL opened at $23.90 on Friday. The company has a fifty day moving average price of $24.91 and a two-hundred day moving average price of $23.45. Hormel Foods Corporation has a 1-year low of $19.70 and a 1-year high of $29.34. The company has a market cap of $13.15 billion, a P/E ratio of 28.12, a price-to-earnings-growth ratio of 2.75 and a beta of 0.34. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last issued its earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period last year, the business posted $0.35 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts predict that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.58% of the company’s stock.

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.