Assenagon Asset Management S.A. Sells 105,951 Shares of Hormel Foods Corporation $HRL

Key Points

• Assenagon Asset Management cut its Hormel Foods stake by 48.2% in the second quarter, selling 105,951 shares and retaining 113,671 shares valued at approximately $2.82 million. Institutional investors collectively own 40.99% of the company.
• 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 stock recently traded at $24.45, near the middle of its 52-week range.
• Hormel declared a quarterly dividend of $0.2925, equivalent to $1.17 annually and a 4.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $26.14.

Assenagon Asset Management S.A. lessened its holdings in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 48.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,671 shares of the company's stock after selling 105,951 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Hormel Foods were worth $2,821,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Caxton Associates LLP acquired a new stake in Hormel Foods during the 1st quarter worth approximately $310,000. Empowered Funds LLC lifted its position in shares of Hormel Foods by 1.8% during the 1st quarter. Empowered Funds LLC now owns 57,500 shares of the company's stock valued at $1,779,000 after acquiring an additional 993 shares during the period. Woodline Partners LP grew its holdings in shares of Hormel Foods by 40.8% during the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company's stock worth $761,000 after purchasing an additional 7,129 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Hormel Foods by 214.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company's stock worth $143,000 after purchasing an additional 3,226 shares during the period. Finally, Cerity Partners LLC increased its position in shares of Hormel Foods by 76.5% in the second quarter. Cerity Partners LLC now owns 103,616 shares of the company's stock worth $3,134,000 after purchasing an additional 44,906 shares during the period. Institutional investors own 40.99% of the company's stock.

Hormel Foods Stock Up 0.2%

HRL stock opened at $24.45 on Friday. The stock has a market cap of $13.45 billion, a P/E ratio of 28.76, a P/E/G ratio of 2.81 and a beta of 0.34. The stock's fifty day simple moving average is $24.90 and its two-hundred day simple moving average is $23.46. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a 1-year low of $19.70 and a 1-year high of $29.34.

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

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, July 13th will be paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods's payout ratio is 137.65%.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods 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 transaction of $495,102.00. Following the completion of the sale, the director owned 32,002 shares of the company's stock, valued at $784,369.02. This represents a 38.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on HRL shares. BNP Paribas Exane increased 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. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research note on Thursday, May 21st. Bank of America upped their price objective on Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Weiss Ratings raised Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Finally, Stephens restated an "equal weight" rating and set a $25.00 price target on shares of Hormel Foods in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $26.14.

Hormel Foods 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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