Handelsbanken Fonder AB Has $3.63 Million Holdings in Hormel Foods Corporation $HRL

Key Points

• Handelsbanken Fonder AB increased its Hormel Foods stake by 40.3% in the second quarter, bringing its holdings to 146,200 shares valued at approximately $3.63 million. Institutional investors collectively own 40.99% of the company.
• Hormel reported quarterly earnings of $0.40 per share, exceeding estimates of $0.35, while revenue rose 2.6% year over year to $2.97 billion.
• Hormel declared a quarterly dividend of $0.2925, equivalent to an annualized $1.17 and a 4.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $26.57.

Handelsbanken Fonder AB grew its position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) by 40.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,200 shares of the company's stock after buying an additional 42,000 shares during the quarter. Handelsbanken Fonder AB's holdings in Hormel Foods were worth $3,629,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of HRL. Hennion & Walsh Asset Management Inc. raised its stake in shares of Hormel Foods by 1.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 39,005 shares of the company's stock valued at $968,000 after acquiring an additional 427 shares during the last quarter. Czech National Bank boosted its holdings in shares of Hormel Foods by 4.5% in the 2nd quarter. Czech National Bank now owns 83,015 shares of the company's stock worth $2,060,000 after acquiring an additional 3,611 shares in the last quarter. 180 Wealth Advisors LLC grew its position in Hormel Foods by 17.7% during the 2nd quarter. 180 Wealth Advisors LLC now owns 19,637 shares of the company's stock worth $487,000 after acquiring an additional 2,953 shares during the last quarter. DMKC Advisory Services LLC bought a new stake in Hormel Foods during the 2nd quarter worth approximately $378,000. Finally, GAMMA Investing LLC increased its holdings in Hormel Foods by 12.7% during the 2nd quarter. GAMMA Investing LLC now owns 8,297 shares of the company's stock valued at $206,000 after purchasing an additional 933 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company's stock.

Hormel Foods Stock Up 0.3%

Shares of Hormel Foods stock opened at $24.50 on Friday. 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 Corporation has a 12 month low of $19.70 and a 12 month high of $29.34. The business has a fifty day simple moving average of $24.92 and a 200 day simple moving average of $23.47. The stock has a market cap of $13.49 billion, a PE ratio of 28.83, a price-to-earnings-growth ratio of 2.83 and a beta of 0.34.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. The firm's revenue was up 2.6% on a year-over-year basis. Research analysts predict that Hormel Foods Corporation will post 1.5 EPS for the current year.

Hormel Foods Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 4.8%. Hormel Foods's dividend payout ratio is 137.65%.

Analyst Ratings Changes

HRL has been the subject of several research analyst reports. 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 research report on Friday. Bank of America increased their target price on Hormel Foods from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Tuesday, June 30th. The Goldman Sachs Group set a $25.00 price target on Hormel Foods in a report on Thursday, May 21st. BNP Paribas Exane upped their price target 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, Weiss Ratings upgraded shares of Hormel Foods from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $26.57.

Insider Buying and Selling at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were 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 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 owned by corporate 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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