First Merchants Corp raised its position in Hormel Foods Corporation (NYSE:HRL) by 20.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 60,626 shares of the company’s stock after buying an additional 10,109 shares during the period. First Merchants Corp’s holdings in Hormel Foods Corporation were worth $2,068,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans increased its position in shares of Hormel Foods Corporation by 5.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 10,140 shares of the company’s stock worth $354,000 after buying an additional 520 shares during the period. Teachers Advisors LLC increased its position in shares of Hormel Foods Corporation by 5.1% in the fourth quarter. Teachers Advisors LLC now owns 379,047 shares of the company’s stock worth $13,195,000 after buying an additional 18,241 shares during the period. Kentucky Retirement Systems acquired a new position in shares of Hormel Foods Corporation during the fourth quarter worth about $682,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Hormel Foods Corporation during the fourth quarter worth about $304,000. Finally, Toth Financial Advisory Corp increased its position in shares of Hormel Foods Corporation by 1.9% in the first quarter. Toth Financial Advisory Corp now owns 73,156 shares of the company’s stock worth $2,533,000 after buying an additional 1,359 shares during the period. 38.40% of the stock is owned by institutional investors and hedge funds.
Shares of Hormel Foods Corporation (HRL) opened at 34.09 on Friday. The firm’s 50-day moving average price is $33.62 and its 200-day moving average price is $34.58. Hormel Foods Corporation has a one year low of $32.26 and a one year high of $40.00. The firm has a market cap of $18.02 billion, a PE ratio of 20.79 and a beta of 0.56.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 25th. The company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.22 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s revenue for the quarter was down 4.9% on a year-over-year basis. Equities research analysts expect that Hormel Foods Corporation will post $1.65 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 17th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, July 13th. Hormel Foods Corporation’s payout ratio is 41.46%.
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HRL has been the subject of a number of analyst reports. Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 1st. Credit Suisse Group cut their target price on Hormel Foods Corporation from $41.00 to $39.00 and set a “buy” rating for the company in a research note on Friday, May 26th. Barclays PLC assumed coverage on Hormel Foods Corporation in a research note on Tuesday, June 6th. They issued an “overweight” rating and a $38.00 price objective for the company. Mizuho assumed coverage on Hormel Foods Corporation in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price objective for the company. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $34.00 price objective on shares of Hormel Foods Corporation in a research note on Monday, June 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Hormel Foods Corporation currently has a consensus rating of “Buy” and an average target price of $40.50.
In other news, insider Thomas R. Day sold 11,139 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $33.43, for a total transaction of $372,376.77. Following the transaction, the insider now directly owns 24,838 shares in the company, valued at approximately $830,334.34. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Luis G. Marconi sold 1,300 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total transaction of $45,253.00. Following the transaction, the insider now owns 22,532 shares in the company, valued at $784,338.92. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.
About Hormel Foods Corporation
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