Amundi Increases Position in Hormel Foods Corporation $HRL

Key Points

• Amundi increased its Hormel Foods position by 11.8% in the first quarter, purchasing 159,043 additional shares and ending with a 0.27% stake valued at approximately $34.1 million.
• Analysts remain generally cautious, with a consensus “Hold” rating and a $26.14 price target; two analysts rate the stock a Buy, six Hold, and one Sell.
• Hormel reported quarterly EPS of $0.40, beating estimates by $0.05, while revenue rose 2.6% year over year to $2.97 billion. The company also declared a quarterly dividend of $0.2925, representing a 4.6% annualized yield.

Amundi grew its holdings in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 11.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,504,188 shares of the company's stock after buying an additional 159,043 shares during the quarter. Amundi owned 0.27% of Hormel Foods worth $34,070,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of HRL. MUFG Securities EMEA plc purchased a new position in Hormel Foods during the 2nd quarter valued at $26,000. Strive Financial Group LLC purchased a new stake in Hormel Foods in the fourth quarter worth $27,000. Motiv8 Investments LLC bought a new stake in shares of Hormel Foods during the fourth quarter worth $28,000. Parkside Financial Bank & Trust lifted its position in shares of Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company's stock worth $31,000 after purchasing an additional 1,025 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Hormel Foods by 57.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company's stock valued at $33,000 after purchasing an additional 531 shares during the period. 40.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

HRL has been the topic of a number of research analyst reports. Bank of America upped 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. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $23.00 target price (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. BNP Paribas Exane boosted their price target on Hormel Foods from $26.00 to $27.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Stephens reissued an "equal weight" rating and issued a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, July 9th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Hormel Foods in a report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Hormel Foods currently has a consensus rating of "Hold" and a consensus price target of $26.14.

Hormel Foods Trading Up 0.9%

NYSE HRL opened at $25.23 on Tuesday. 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 company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 29.68, a price-to-earnings-growth ratio of 2.88 and a beta of 0.34. The company's 50-day simple moving average is $24.57 and its two-hundred day simple moving average is $23.44. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.34.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the business posted $0.35 EPS. The company's quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be paid a $0.2925 dividend. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a yield of 4.6%. Hormel Foods's payout ratio is 137.65%.

Insiders Place Their Bets

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $24.51, for a total transaction of $495,102.00. Following the completion of the sale, the director owned 32,002 shares in the company, valued at $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.58% of the stock is currently owned by corporate insiders.

Hormel Foods Company Profile

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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