Cresset Asset Management LLC Decreases Position in Hormel Foods Co. (NYSE:HRL)

Cresset Asset Management LLC decreased its position in Hormel Foods Co. (NYSE:HRL - Free Report) by 23.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,907 shares of the company's stock after selling 30,285 shares during the quarter. Cresset Asset Management LLC's holdings in Hormel Foods were worth $3,165,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new position in shares of Hormel Foods during the fourth quarter worth $25,000. Fairway Wealth LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth about $44,000. Capital Advisors Ltd. LLC raised its position in shares of Hormel Foods by 86.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock worth $47,000 after acquiring an additional 690 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Hormel Foods by 91.8% during the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock worth $48,000 after acquiring an additional 729 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth about $48,000. Institutional investors and hedge funds own 40.99% of the company's stock.

Insider Activity

In related news, Director Elsa A. Murano sold 4,500 shares of the firm's stock in a transaction dated Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the transaction, the director now owns 95,488 shares of the company's stock, valued at $2,902,835.20. This trade represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.72% of the company's stock.

Hormel Foods Stock Performance

HRL stock traded down $0.16 on Friday, hitting $29.23. The company's stock had a trading volume of 1,609,247 shares, compared to its average volume of 2,611,392. The firm has a 50 day moving average of $29.88 and a two-hundred day moving average of $30.34. Hormel Foods Co. has a 1 year low of $27.59 and a 1 year high of $36.86. The stock has a market cap of $16.07 billion, a price-to-earnings ratio of 20.02, a price-to-earnings-growth ratio of 2.73 and a beta of 0.34. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, April 14th will be issued a $0.29 dividend. The ex-dividend date is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.97%. Hormel Foods's payout ratio is 84.67%.

Analyst Upgrades and Downgrades

HRL has been the topic of several recent analyst reports. Barclays upgraded shares of Hormel Foods from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and upped their target price for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Finally, Stephens reissued an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $32.33.

Hormel Foods 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.