OVERSEA CHINESE BANKING Corp Ltd Invests $414,000 in Hormel Foods Corporation (NYSE:HRL)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in shares of Hormel Foods Corporation (NYSE:HRL - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,371 shares of the company's stock, valued at approximately $414,000.

Other large investors have also modified their holdings of the company. Headlands Technologies LLC acquired a new stake in Hormel Foods during the 4th quarter valued at $48,000. Riverview Trust Co grew its holdings in Hormel Foods by 183.8% during the 1st quarter. Riverview Trust Co now owns 1,572 shares of the company's stock valued at $49,000 after buying an additional 1,018 shares during the last quarter. Canada Post Corp Registered Pension Plan acquired a new stake in Hormel Foods during the 4th quarter valued at $52,000. YANKCOM Partnership grew its holdings in Hormel Foods by 18.5% during the 1st quarter. YANKCOM Partnership now owns 3,081 shares of the company's stock valued at $95,000 after buying an additional 480 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Hormel Foods by 34.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 3,187 shares of the company's stock valued at $99,000 after buying an additional 816 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

HRL has been the topic of several research reports. Bank of America raised 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 research report on Tuesday, April 15th. BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a research report on Tuesday, May 27th. The Goldman Sachs Group began coverage on Hormel Foods in a research report on Monday, June 23rd. They issued a "buy" rating and a $35.00 price objective on the stock. BNP Paribas Exane raised Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price objective on the stock in a research report on Tuesday, May 27th. Finally, Stephens reissued an "equal weight" rating and issued a $31.00 price objective on shares of Hormel Foods in a research report on Thursday, May 22nd. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.86.

Hormel Foods Stock Performance

Shares of NYSE HRL traded down $0.53 during mid-day trading on Friday, hitting $29.15. The company had a trading volume of 3,128,553 shares, compared to its average volume of 2,771,267. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. The business's 50-day simple moving average is $30.31 and its 200-day simple moving average is $29.98. Hormel Foods Corporation has a 12 month low of $27.59 and a 12 month high of $33.80. The firm has a market cap of $16.03 billion, a P/E ratio of 21.43, a PEG ratio of 3.38 and a beta of 0.33.

Hormel Foods (NYSE:HRL - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.92 billion. During the same quarter last year, the company earned $0.38 earnings per share. The firm's revenue was up .3% on a year-over-year basis. As a group, analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors 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 3.98%. The ex-dividend date is Monday, July 14th. Hormel Foods's dividend payout ratio is currently 85.29%.

Hormel Foods Profile

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.