Bank of America Corp DE Acquires New Stake in Hormel Foods Corporation $HRL

Key Points

• Bank of America acquired a new Hormel Foods stake of 2.09 million shares worth approximately $51.8 million, representing 0.38% of the company. Institutional investors collectively own 40.99% of Hormel’s stock.
• Hormel reported quarterly EPS of $0.37, topping estimates of $0.35, but revenue declined 2.4% year over year to $2.96 billion and fell short of expectations.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $26.14; the stock opened at $20.84 and has traded between $19.70 and $26.60 over the past year.

Bank of America Corp DE bought a new position in Hormel Foods Corporation (NYSE:HRL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,086,507 shares of the company's stock, valued at approximately $51,787,000. Bank of America Corp DE owned 0.38% of Hormel Foods as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fiduciary Financial Advisors bought a new position in Hormel Foods in the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC raised 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 acquiring an additional 531 shares in the last quarter. Root Financial Partners LLC raised its stake in shares of Hormel Foods by 149.2% during the first quarter. Root Financial Partners LLC now owns 1,495 shares of the company's stock valued at $34,000 after acquiring an additional 895 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Hormel Foods in the second quarter valued at approximately $37,000. Finally, Bayban purchased a new stake in shares of Hormel Foods in the fourth quarter valued at approximately $43,000. 40.99% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Gary C. Bhojwani sold 20,200 shares of the firm's 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 transaction, the director owned 32,002 shares in the company, valued at $784,369.02. This trade represents a 38.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on HRL. Stephens set a $23.00 price objective on Hormel Foods in a report on Friday, August 28th. Weiss Ratings cut Hormel Foods from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, August 28th. BNP Paribas Exane dropped their price target on Hormel Foods from $27.00 to $26.00 and set a "neutral" rating on the stock in a research report on Friday, August 28th. Bank of America raised their price target on Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their price objective on Hormel Foods from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Friday, August 14th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $26.14.

Hormel Foods Trading Up 0.0%

Hormel Foods stock opened at $20.84 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.92 and a current ratio of 1.88. The stock has a market cap of $11.47 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 2.44 and a beta of 0.33. The stock has a 50-day moving average of $23.62 and a two-hundred day moving average of $23.02. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $26.60.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The firm had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.03 billion. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.35 earnings per share. Hormel Foods has set its FY 2026 guidance at 1.450-1.510 EPS. On average, research analysts anticipate that Hormel Foods Corporation will post 1.49 EPS for the current fiscal year.

About Hormel Foods

Hormel Foods Corporation NYSE: HRL is a global food company that develops, produces and markets branded meat, prepared foods and other grocery products. Its portfolio includes SPAM luncheon meat, Hormel pepperoni, Hormel Compleats meals, Jennie-O turkey products, Applegate natural and organic foods, Columbus deli meats and Planters snack products.

The company sells products through retail grocery channels, foodservice operations and international markets. Its offerings are used by consumers, restaurants, schools, hospitals and other institutional customers, with products distributed across the United States and in selected markets worldwide.

Founded in 1891 by George A.

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