551,271 Shares in Hormel Foods Corporation $HRL Bought by First Nebraska Trust Co

Key Points

• First Nebraska Trust Co. acquired 551,271 Hormel Foods shares in the third quarter, worth about $10.99 million, representing roughly 0.10% of the company.
• Hormel reported quarterly EPS of $0.37, beating estimates of $0.35, but revenue of $2.96 billion fell short of forecasts and declined 2.4% year over year.
• The company declared a quarterly dividend of $0.2925 per share, equivalent to a 5.5% annualized yield. Analysts’ consensus rating was “Hold,” with an average price target of $25.43.

First Nebraska Trust Co purchased a new stake in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 551,271 shares of the company's stock, valued at approximately $10,987,000. Hormel Foods comprises about 0.9% of First Nebraska Trust Co's portfolio, making the stock its 25th largest position. First Nebraska Trust Co owned about 0.10% of Hormel Foods as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of HRL. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Hormel Foods in the third quarter worth approximately $3,038,000. State of Wyoming increased its position in Hormel Foods by 36.6% during the 3rd quarter. State of Wyoming now owns 27,260 shares of the company's stock valued at $544,000 after purchasing an additional 7,301 shares during the period. United Asset Strategies Inc. increased its position in Hormel Foods by 4.4% during the 3rd quarter. United Asset Strategies Inc. now owns 28,436 shares of the company's stock valued at $567,000 after purchasing an additional 1,189 shares during the period. Latitude Advisors LLC bought a new position in Hormel Foods during the 3rd quarter worth approximately $27,000. Finally, Sigma Planning Corp raised its holdings in Hormel Foods by 8.1% during the 3rd quarter. Sigma Planning Corp now owns 31,591 shares of the company's stock worth $630,000 after purchasing an additional 2,355 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company's stock.

Insider Activity

In related news, Chairman William A. Newlands bought 10,000 shares of the business's stock in a transaction that occurred on Monday, October 5th. The shares were acquired at an average cost of $20.10 per share, with a total value of $201,000.00. Following the completion of the purchase, the chairman directly owned 76,375 shares in the company, valued at $1,535,137.50. The trade was a 15.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by insiders.

Hormel Foods Trading Down 1.1%

NYSE HRL opened at $21.24 on Wednesday. The business has a 50 day simple moving average of $20.70 and a 200 day simple moving average of $22.83. Hormel Foods Corporation has a one year low of $18.96 and a one year high of $26.60. The stock has a market capitalization of $11.69 billion, a P/E ratio of 15.01, a P/E/G ratio of 2.44 and a beta of 0.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 0.92.

Hormel Foods (NYSE:HRL - Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.02. The business had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.03 billion. Hormel Foods had a return on equity of 9.91% and a net margin of 2.82%. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. Research analysts expect that Hormel Foods Corporation will post 1.48 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Tuesday, October 13th will be given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Tuesday, October 13th. Hormel Foods's payout ratio is presently 185.71%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HRL. Weiss Ratings downgraded shares of Hormel Foods from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, August 28th. Barclays reiterated an "overweight" rating and set a $28.00 price objective (down from $30.00) on shares of Hormel Foods in a research report on Wednesday, October 14th. Stephens set a $23.00 target price on shares of Hormel Foods in a research note on Friday, August 28th. JPMorgan Chase & Co. lifted their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Finally, Piper Sandler restated a "neutral" rating on shares of Hormel Foods in a report on Tuesday, October 6th. One equities research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $25.43.

About Hormel Foods

Hormel Foods Corporation NYSE: HRL is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.

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