AMG National Trust Bank Makes New $8.34 Million Investment in Hormel Foods Corporation $HRL

Key Points

• AMG National Trust Bank acquired 335,955 Hormel Foods shares worth approximately $8.34 million, while institutional investors collectively own 40.99% of the company.
• Hormel’s latest quarterly results exceeded expectations, with EPS of $0.40 versus the $0.35 estimate and revenue rising 2.6% year over year to $2.97 billion.
• Analysts remain cautious: HRL has an overall “Hold” rating, with seven Holds and two Buys and a consensus price target of $26.57, compared with its recent $24.50 price.

AMG National Trust Bank acquired a new position 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 fund acquired 335,955 shares of the company's stock, valued at approximately $8,338,000. AMG National Trust Bank owned 0.06% of Hormel Foods as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of HRL. Global Retirement Partners LLC bought a new position in shares of Hormel Foods in the second quarter worth about $37,000. Bank of New York Mellon Corp purchased a new stake in shares of Hormel Foods during the second quarter worth about $36,876,000. State of Wyoming purchased a new position in shares of Hormel Foods in the second quarter worth $495,000. Vest Financial LLC lifted its position in Hormel Foods by 7.8% during the 2nd quarter. Vest Financial LLC now owns 2,285,103 shares of the company's stock worth $56,716,000 after acquiring an additional 165,403 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Hormel Foods by 64.6% in the second quarter. EverSource Wealth Advisors LLC now owns 2,395 shares of the company's stock valued at $59,000 after buying an additional 940 shares during the last quarter. Institutional investors own 40.99% of the company's stock.

Hormel Foods Trading Down 0.1%

Shares of Hormel Foods stock opened at $24.50 on Monday. The firm has a market capitalization of $13.49 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 2.83 and a beta of 0.34. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.34. 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 of $24.92 and a 200 day moving average of $23.46.

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, topping analysts' consensus estimates of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The business had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the prior year, the business posted $0.35 EPS. The company's revenue was up 2.6% compared to the same quarter last year. As a group, research analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on HRL shares. BNP Paribas Exane upped their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, May 21st. Weiss Ratings upgraded shares of Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. Bank of America increased their price target on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Hormel Foods from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Friday. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $26.57.

Insider Buying and Selling

In other news, Director Gary C. Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the sale, the director directly owned 32,002 shares of the company's stock, valued at approximately $784,369.02. The trade was a 38.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by company insiders.

About Hormel Foods

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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