Fidelity National Financial Inc. Makes New $16.38 Million Investment in Hormel Foods Corporation $HRL

Fidelity National Financial Inc. purchased a new position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 660,000 shares of the company's stock, valued at approximately $16,381,000. Hormel Foods comprises about 0.5% of Fidelity National Financial Inc.'s portfolio, making the stock its 21st largest position. Fidelity National Financial Inc. owned approximately 0.12% of Hormel Foods at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Vest Financial LLC raised its holdings in shares of Hormel Foods by 9.1% in the fourth quarter. Vest Financial LLC now owns 2,042,541 shares of the company's stock worth $48,408,000 after buying an additional 171,137 shares during the last quarter. Masters Capital Management LLC acquired a new position in shares of Hormel Foods in the 1st quarter valued at $19,252,000. BNP Paribas Financial Markets raised its stake in Hormel Foods by 21.2% in the 4th quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company's stock worth $11,025,000 after acquiring an additional 81,420 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Hormel Foods by 9.4% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,615,614 shares of the company's stock worth $38,290,000 after acquiring an additional 138,439 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in Hormel Foods by 32.6% during the 1st quarter. Fifth Third Bancorp now owns 202,223 shares of the company's stock worth $4,580,000 after acquiring an additional 49,678 shares during the period. Institutional investors and hedge funds own 40.99% of the company's stock.

Insider Activity

In other news, Director Gary C. Bhojwani sold 20,200 shares of Hormel Foods stock in a transaction that occurred 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 sale, the director directly owned 32,002 shares of the company's stock, valued at $784,369.02. The trade was a 38.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is owned by corporate insiders.

Hormel Foods Stock Up 1.3%

HRL opened at $24.33 on Wednesday. The company has a market cap of $13.39 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.83 and a beta of 0.34. Hormel Foods Corporation has a twelve month low of $19.70 and a twelve month high of $29.34. The company has a 50-day moving average price of $24.93 and a 200 day moving average price of $23.45. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the previous year, the firm posted $0.35 EPS. Hormel Foods's revenue was up 2.6% compared to the same quarter last year. Sell-side analysts expect that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on HRL. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a report on Thursday, May 21st. Stephens reiterated an "equal weight" rating and issued a $25.00 price target on shares of Hormel Foods in a report on Thursday, July 9th. BNP Paribas Exane upped their price objective 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. Weiss Ratings upgraded Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, August 12th. Finally, Bank of America lifted their price objective on shares of Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Hormel Foods has an average rating of "Hold" and a consensus price target of $26.57.

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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