Rhumbline Advisers Has $28.52 Million Stock Position in Hormel Foods Corporation $HRL

Rhumbline Advisers raised its holdings in Hormel Foods Corporation (NYSE:HRL) by 15.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 942,813 shares of the company’s stock after buying an additional 126,354 shares during the quarter. Rhumbline Advisers owned 0.17% of Hormel Foods worth $28,520,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Shell Asset Management Co. grew its holdings in Hormel Foods by 94.7% in the second quarter. Shell Asset Management Co. now owns 47,390 shares of the company’s stock worth $1,434,000 after purchasing an additional 23,046 shares during the period. Machina Capital S.A.S. acquired a new position in shares of Hormel Foods during the second quarter valued at about $820,000. Nordea Investment Management AB grew its stake in shares of Hormel Foods by 48.3% in the 2nd quarter. Nordea Investment Management AB now owns 40,492 shares of the company’s stock valued at $1,218,000 after buying an additional 13,188 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Hormel Foods by 2.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,123,392 shares of the company’s stock valued at $65,698,000 after buying an additional 52,736 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in Hormel Foods by 53.3% during the 2nd quarter. Asset Management One Co. Ltd. now owns 369,313 shares of the company’s stock worth $11,172,000 after buying an additional 128,343 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on HRL shares. Piper Sandler reduced their price objective on Hormel Foods from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, November 6th. Barclays reiterated an “overweight” rating and issued a $34.00 target price (down from $36.00) on shares of Hormel Foods in a report on Friday, August 29th. Zacks Research lowered shares of Hormel Foods from a “hold” rating to a “strong sell” rating in a research note on Friday, August 29th. Bank of America lowered their price objective on shares of Hormel Foods from $35.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, August 29th. Finally, The Goldman Sachs Group set a $27.00 price objective on shares of Hormel Foods and gave the company a “buy” rating in a report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and an average price target of $28.86.

Hormel Foods Price Performance

Shares of NYSE:HRL opened at $23.24 on Thursday. The company has a current ratio of 2.47, a quick ratio of 1.12 and a debt-to-equity ratio of 0.35. The stock has a market cap of $12.78 billion, a PE ratio of 16.97, a price-to-earnings-growth ratio of 4.95 and a beta of 0.29. The stock’s fifty day simple moving average is $23.35 and its two-hundred day simple moving average is $27.02. Hormel Foods Corporation has a 1-year low of $21.03 and a 1-year high of $33.80.

Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, August 28th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.06). Hormel Foods had a return on equity of 10.06% and a net margin of 6.26%.The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter in the previous year, the company earned $0.37 EPS. The business’s revenue was up 4.6% compared to the same quarter last year. As a group, analysts forecast that Hormel Foods Corporation will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Shareholders of record on Monday, January 12th will be paid a $0.2925 dividend. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.29. The ex-dividend date is Monday, January 12th. This represents a $1.17 annualized dividend and a yield of 5.0%. Hormel Foods’s dividend payout ratio (DPR) is 84.67%.

Hormel Foods Company 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.