Grandfield & Dodd LLC Acquires New Stake in Hormel Foods Corporation $HRL

Grandfield & Dodd LLC purchased a new position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,005,902 shares of the company's stock, valued at approximately $24,967,000. Hormel Foods makes up about 1.3% of Grandfield & Dodd LLC's holdings, making the stock its 24th biggest holding. Grandfield & Dodd LLC owned approximately 0.18% of Hormel Foods at the end of the most recent quarter.

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Other institutional investors have also recently added to or reduced their stakes in the company. Vest Financial LLC lifted its stake 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 acquiring an additional 171,137 shares in the last quarter. Masters Capital Management LLC acquired a new stake in Hormel Foods during the 1st quarter valued at approximately $19,252,000. Fidelity National Financial Inc. purchased a new stake in Hormel Foods during the 4th quarter worth approximately $15,642,000. BNP Paribas Financial Markets increased its holdings in Hormel Foods by 21.2% during the 4th quarter. BNP Paribas Financial Markets now owns 465,204 shares of the company's stock worth $11,025,000 after purchasing an additional 81,420 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of 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 valued at $38,290,000 after purchasing an additional 138,439 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

Shares of HRL opened at $24.04 on Tuesday. Hormel Foods Corporation has a 52 week low of $19.70 and a 52 week high of $29.34. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.23 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 2.83 and a beta of 0.34. The stock has a 50 day moving average of $24.93 and a 200-day moving average of $23.45.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly 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 business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the prior year, the company posted $0.35 EPS. The business's revenue was up 2.6% compared to the same quarter last year. As a group, analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Stephens reissued an "equal weight" rating and set a $25.00 price target on shares of Hormel Foods in a research report on Thursday, July 9th. Weiss Ratings raised shares of Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 12th. Bank of America increased their price objective on shares of Hormel Foods from $25.00 to $27.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. BNP Paribas Exane boosted their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Hormel Foods from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Friday. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $26.57.

Insider Activity at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the business's stock in a transaction dated 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 Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.58% of the company's stock.

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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