SEB Asset Management AB Invests $2.12 Million in Hormel Foods Corporation $HRL

Key Points

• SEB Asset Management AB disclosed a new position in Hormel Foods, buying 93,804 shares valued at about $2.12 million in the first quarter.
• Hormel Foods reported better-than-expected quarterly earnings of $0.40 per share versus $0.35 expected, with revenue of $2.97 billion, up 2.6% year over year.
• The company also declared a quarterly dividend of $0.2925, implying a 4.7% yield, while analysts currently rate the stock a consensus Hold with an average price target of $26.14.

SEB Asset Management AB purchased a new position in Hormel Foods Corporation (NYSE:HRL - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 93,804 shares of the company's stock, valued at approximately $2,125,000.

Other large investors also recently bought and sold shares of the company. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods in the 2nd quarter worth approximately $26,000. Strive Financial Group LLC bought a new position in Hormel Foods during the 4th quarter valued at approximately $27,000. Motiv8 Investments LLC purchased a new position in Hormel Foods during the fourth quarter valued at $28,000. Parkside Financial Bank & Trust raised its stake in Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company's stock valued at $31,000 after buying an additional 1,025 shares during the last quarter. Finally, Ankerstar Wealth LLC bought a new stake in Hormel Foods in the fourth quarter worth $35,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Price Performance

NYSE HRL opened at $25.02 on Friday. The stock has a market capitalization of $13.77 billion, a price-to-earnings ratio of 29.44, a PEG ratio of 2.90 and a beta of 0.34. Hormel Foods Corporation has a 1-year low of $19.70 and a 1-year high of $29.63. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.94 and a quick ratio of 0.97. The business's fifty day moving average price is $23.90 and its 200-day moving average price is $23.31.

Hormel Foods (NYSE:HRL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping 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 company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the company posted $0.35 earnings per share. Hormel Foods's revenue was up 2.6% compared to the same quarter last year. On average, equities analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Hormel Foods Dividend Announcement

The firm also recently disclosed 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. This represents a $1.17 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Monday, July 13th. Hormel Foods's dividend payout ratio is 137.65%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Weiss Ratings reissued a "sell (d+)" rating on shares of Hormel Foods in a research note on Friday, July 17th. The Goldman Sachs Group set a $25.00 price target on shares of Hormel Foods in a research note on Thursday, May 21st. Stephens reissued an "equal weight" rating and set a $25.00 price objective on shares of Hormel Foods in a research report on Thursday, July 9th. JPMorgan Chase & Co. restated a "neutral" rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Finally, BNP Paribas Exane lifted their target price on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.14.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the company's stock in a transaction that occurred on 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 directly owned 32,002 shares of the company's stock, valued at approximately $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by company insiders.

About Hormel Foods

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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