International Assets Investment Management LLC Buys 39,303 Shares of Hormel Foods Co. (NYSE:HRL)

International Assets Investment Management LLC raised its stake in Hormel Foods Co. (NYSE:HRL) by 3,481.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,432 shares of the company’s stock after acquiring an additional 39,303 shares during the quarter. International Assets Investment Management LLC’s holdings in Hormel Foods were worth $12,820,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Lecap Asset Management Ltd. bought a new position in shares of Hormel Foods in the third quarter worth about $902,000. Global X Japan Co. Ltd. lifted its holdings in shares of Hormel Foods by 10.9% in the third quarter. Global X Japan Co. Ltd. now owns 13,389 shares of the company’s stock worth $424,000 after acquiring an additional 1,315 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Hormel Foods by 12.2% in the third quarter. Private Advisor Group LLC now owns 102,418 shares of the company’s stock valued at $3,247,000 after buying an additional 11,170 shares during the period. Everence Capital Management Inc. bought a new position in Hormel Foods in the 3rd quarter valued at approximately $384,000. Finally, Castleview Partners LLC bought a new position in Hormel Foods in the 3rd quarter valued at approximately $147,000. Institutional investors own 40.99% of the company’s stock.

Insider Activity

In other news, EVP Deanna T. Brady sold 51,600 shares of Hormel Foods stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the sale, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Deanna T. Brady sold 51,600 shares of Hormel Foods stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the sale, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the sale, the vice president now directly owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock worth $2,288,338 in the last quarter. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Stock Down 0.2 %

Hormel Foods stock opened at $30.63 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $36.86. The firm has a 50 day moving average price of $31.66 and a two-hundred day moving average price of $32.29. The firm has a market cap of $16.80 billion, a price-to-earnings ratio of 21.57, a PEG ratio of 3.07 and a beta of 0.25.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The company’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 EPS. Equities analysts predict that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.282 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.68%. Hormel Foods’s dividend payout ratio is currently 79.58%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. BNP Paribas assumed coverage on shares of Hormel Foods in a report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price objective for the company. Stephens assumed coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective for the company. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price objective for the company from $33.00 to $37.00 in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.57.

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.