iA Global Asset Management Inc. Buys New Stake in Hormel Foods Corporation (NYSE:HRL)

Key Points

• iA Global Asset Management Inc. acquired 44,476 shares of Hormel Foods Corporation, investing approximately $1.38 million in the 1st quarter.
• Hormel Foods recently announced a quarterly dividend of $0.29 per share, reflecting an annualized yield of 4.1%.
• Analysts have upgraded HRL's rating, with Bank of America setting a new price target of $35.00 for the stock.

iA Global Asset Management Inc. bought a new stake in Hormel Foods Corporation (NYSE:HRL - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 44,476 shares of the company's stock, valued at approximately $1,376,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Three Seasons Wealth LLC acquired a new position in Hormel Foods in the 1st quarter valued at about $682,000. ING Groep NV boosted its holdings in Hormel Foods by 34.9% in the 1st quarter. ING Groep NV now owns 50,069 shares of the company's stock valued at $1,549,000 after purchasing an additional 12,949 shares during the last quarter. Sound Financial Strategies Group LLC acquired a new position in Hormel Foods in the 1st quarter valued at about $761,000. Allianz SE acquired a new position in Hormel Foods in the 1st quarter valued at about $416,000. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in Hormel Foods in the 1st quarter valued at about $414,000. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Stock Up 0.2%

Shares of NYSE:HRL traded up $0.07 during trading hours on Monday, reaching $28.55. The stock had a trading volume of 396,685 shares, compared to its average volume of 3,099,189. Hormel Foods Corporation has a 1 year low of $27.59 and a 1 year high of $33.80. The firm's 50 day moving average is $29.94 and its 200-day moving average is $29.79. The stock has a market capitalization of $15.70 billion, a price-to-earnings ratio of 20.99, a P/E/G ratio of 3.24 and a beta of 0.31. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting analysts' consensus estimates of $0.35. Hormel Foods had a net margin of 6.27% and a return on equity of 10.20%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the business earned $0.38 EPS. The company's revenue was up .3% on a year-over-year basis. Research analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Monday, July 14th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio (DPR) is presently 85.29%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BNP Paribas raised shares of Hormel Foods from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 27th. BNP Paribas Exane raised shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price objective for the company in a research report on Tuesday, May 27th. Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. Stephens reiterated an "equal weight" rating and set a $31.00 target price on shares of Hormel Foods in a report on Thursday, May 22nd. Finally, The Goldman Sachs Group started coverage on shares of Hormel Foods in a report on Monday, June 23rd. They set a "buy" rating and a $35.00 target price on the stock. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.86.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.