Element Capital Management LLC bought a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 113,900 shares of the company's stock, valued at approximately $2,827,000.
Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Hormel Foods during the second quarter valued at about $489,092,000. Invesco Ltd. increased its holdings in shares of Hormel Foods by 66.5% in the third quarter. Invesco Ltd. now owns 11,331,941 shares of the company's stock worth $280,352,000 after purchasing an additional 4,526,167 shares during the last quarter. Norges Bank purchased a new stake in shares of Hormel Foods in the fourth quarter worth about $85,840,000. Epoch Investment Partners Inc. bought a new position in Hormel Foods during the first quarter valued at approximately $44,733,000. Finally, Freestone Grove Partners LP bought a new position in Hormel Foods during the fourth quarter valued at approximately $43,340,000. 40.99% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Hormel Foods
In other news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director owned 32,002 shares of the company's stock, valued at approximately $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.58% of the company's stock.
Wall Street Analyst Weigh In
HRL has been the topic of a number of research reports. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research note on Thursday, May 21st. Bank of America raised their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Weiss Ratings upgraded shares of Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. BNP Paribas Exane lifted their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Finally, Stephens restated an "equal weight" rating and issued a $25.00 target price on shares of Hormel Foods in a report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $26.57.
Check Out Our Latest Report on HRL
Hormel Foods Price Performance
Shares of Hormel Foods stock opened at $23.76 on Wednesday. The stock has a market cap of $13.08 billion, a price-to-earnings ratio of 27.95, a price-to-earnings-growth ratio of 2.77 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. The stock has a 50 day moving average price of $24.88 and a 200-day moving average price of $23.42. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.10.
Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.Hormel Foods's quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. Equities analysts expect that Hormel Foods Corporation will post 1.5 EPS for the current year.
Hormel Foods Profile
(
Free Report)
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.
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