Parallel Advisors LLC Sells 28,465 Shares of Hormel Foods Co. (NYSE:HRL)

Parallel Advisors LLC lowered its position in Hormel Foods Co. (NYSE:HRL - Free Report) by 29.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 67,122 shares of the company's stock after selling 28,465 shares during the period. Parallel Advisors LLC's holdings in Hormel Foods were worth $2,077,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Crews Bank & Trust bought a new stake in Hormel Foods in the fourth quarter worth approximately $25,000. Fairway Wealth LLC bought a new position in Hormel Foods during the fourth quarter worth $44,000. Capital Advisors Ltd. LLC grew its holdings in Hormel Foods by 86.9% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock worth $47,000 after purchasing an additional 690 shares during the period. Headlands Technologies LLC bought a new stake in Hormel Foods in the fourth quarter valued at $48,000. Finally, Lindbrook Capital LLC raised its holdings in shares of Hormel Foods by 91.8% during the fourth quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock valued at $48,000 after purchasing an additional 729 shares during the period. 40.99% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Elsa A. Murano sold 4,500 shares of the firm's stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the sale, the director now owns 95,488 shares in the company, valued at approximately $2,902,835.20. This trade represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on HRL. Stephens restated an "equal weight" rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Thursday, May 22nd. 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 upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target for the company in a research note on Tuesday, May 27th. Finally, Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $29.00 to $35.00 in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $32.50.

Hormel Foods Stock Down 0.0%

NYSE HRL traded down $0.02 on Tuesday, reaching $30.84. The company had a trading volume of 2,921,302 shares, compared to its average volume of 2,629,706. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $16.96 billion, a P/E ratio of 21.12, a P/E/G ratio of 2.73 and a beta of 0.34. The company's fifty day moving average is $30.00 and its 200 day moving average is $30.27. Hormel Foods Co. has a 52-week low of $27.59 and a 52-week high of $33.80.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.35 earnings per share for the quarter, hitting the consensus estimate of $0.35. The business had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $2.92 billion. Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. Sell-side analysts anticipate that Hormel Foods Co. will post 1.65 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods's payout ratio is 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.