AMG National Trust Bank Sells 24,400 Shares of Hormel Foods Corporation (NYSE:HRL)

AMG National Trust Bank lessened its holdings in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 5.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 400,243 shares of the company's stock after selling 24,400 shares during the period. AMG National Trust Bank owned about 0.07% of Hormel Foods worth $12,384,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. raised its stake in Hormel Foods by 12.0% during the 1st quarter. Principal Financial Group Inc. now owns 452,925 shares of the company's stock worth $14,014,000 after acquiring an additional 48,657 shares during the period. Aviva PLC lifted its stake in shares of Hormel Foods by 58.9% during the 4th quarter. Aviva PLC now owns 313,619 shares of the company's stock valued at $9,838,000 after buying an additional 116,304 shares in the last quarter. Stifel Financial Corp boosted its holdings in Hormel Foods by 33.9% in the 4th quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock worth $137,227,000 after buying an additional 1,107,270 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Hormel Foods by 180.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 89,025 shares of the company's stock worth $2,737,000 after buying an additional 57,280 shares during the period. Finally, DnB Asset Management AS raised its holdings in Hormel Foods by 14.7% during the fourth quarter. DnB Asset Management AS now owns 71,010 shares of the company's stock valued at $2,228,000 after acquiring an additional 9,120 shares during the period. Institutional investors own 40.99% of the company's stock.

Hormel Foods Price Performance

Shares of HRL traded up $0.56 during mid-day trading on Tuesday, hitting $29.45. The company's stock had a trading volume of 1,872,586 shares, compared to its average volume of 2,770,621. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. Hormel Foods Corporation has a fifty-two week low of $27.59 and a fifty-two week high of $33.80. The stock has a market capitalization of $16.20 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 3.29 and a beta of 0.33. The firm has a 50-day moving average price of $30.31 and a 200 day moving average price of $29.96.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting analysts' consensus estimates of $0.35. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The company had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the business earned $0.38 EPS. The business's quarterly revenue was up .3% on a year-over-year basis. On average, research analysts predict that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Monday, July 14th will be paid a $0.29 dividend. The ex-dividend date is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.94%. Hormel Foods's payout ratio is presently 85.29%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Bank of America raised Hormel Foods from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $29.00 to $35.00 in a research report on Tuesday, April 15th. BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 27th. BNP Paribas Exane upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price objective for the company in a research note on Tuesday, May 27th. The Goldman Sachs Group initiated coverage on Hormel Foods in a research report on Monday, June 23rd. They set a "buy" rating and a $35.00 price target for the company. Finally, Stephens restated an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a research note on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Hormel Foods currently has an average rating of "Moderate Buy" and an average target price of $32.86.

Hormel Foods Company 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.