Fifth Third Bancorp Has $4.58 Million Stock Position in Hormel Foods Corporation $HRL

Key Points

• Fifth Third Bancorp increased its Hormel Foods stake by 32.6% in the first quarter, ending with 202,223 shares valued at about $4.58 million.
• Hormel reported better-than-expected quarterly results, with EPS of $0.40 versus $0.35 expected and revenue of $2.97 billion, up 2.6% from a year earlier.
• The company also declared a quarterly dividend of $0.2925 per share, implying an annualized yield of about 4.6%; meanwhile, analysts’ consensus rating remains Hold with an average target price of $26.14.

Fifth Third Bancorp increased its position in Hormel Foods Corporation (NYSE:HRL - Free Report) by 32.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 202,223 shares of the company's stock after purchasing an additional 49,678 shares during the period. Fifth Third Bancorp's holdings in Hormel Foods were worth $4,580,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GoalVest Advisory LLC purchased a new stake in shares of Hormel Foods in the fourth quarter worth approximately $25,000. MUFG Securities EMEA plc bought a new position in shares of Hormel Foods during the second quarter valued at about $26,000. Strive Financial Group LLC purchased a new position in shares of Hormel Foods in the 4th quarter worth approximately $27,000. Motiv8 Investments LLC purchased a new position in Hormel Foods in the fourth quarter worth $28,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company's stock worth $31,000 after buying an additional 1,025 shares during the last quarter. Institutional investors own 40.99% of the company's stock.

Hormel Foods Trading Down 1.2%

Shares of HRL opened at $25.40 on Friday. The firm has a 50 day moving average price of $23.49 and a 200-day moving average price of $23.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.97 and a current ratio of 1.94. Hormel Foods Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $29.78. The firm has a market cap of $13.98 billion, a price-to-earnings ratio of 29.88, a PEG ratio of 2.96 and a beta of 0.34.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. The firm had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.35 earnings per share. As a group, equities research analysts forecast that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Shareholders 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 yield of 4.6%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods's payout ratio is 137.65%.

Wall Street Analysts Forecast Growth

HRL has been the topic of several research analyst reports. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. BNP Paribas Exane increased their target price on Hormel Foods from $26.00 to $27.00 and gave the stock a "neutral" rating in a research report on Tuesday. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Hormel Foods in a report on Tuesday, April 21st. Stephens reiterated an "equal weight" rating and issued a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. Finally, The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research note on Thursday, May 21st. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $26.14.

Insider Buying and Selling

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the business's 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 completion of the sale, the director owned 32,002 shares in the company, 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 document filed with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by company insiders.

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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