Clear Harbor Asset Management LLC Makes New $949,000 Investment in Hormel Foods Corporation $HRL

Clear Harbor Asset Management LLC purchased a new position in shares of Hormel Foods Corporation (NYSE:HRL) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 38,240 shares of the company’s stock, valued at approximately $949,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp boosted its stake in Hormel Foods by 1.0% in the third quarter. State Street Corp now owns 28,338,645 shares of the company’s stock valued at $701,098,000 after acquiring an additional 269,941 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Hormel Foods during the 2nd quarter valued at approximately $489,092,000. Invesco Ltd. boosted its holdings in Hormel Foods by 66.5% in the 3rd quarter. Invesco Ltd. now owns 11,331,941 shares of the company’s stock worth $280,352,000 after buying an additional 4,526,167 shares during the period. Geode Capital Management LLC grew its stake in Hormel Foods by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 8,080,832 shares of the company’s stock valued at $190,805,000 after buying an additional 63,583 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Hormel Foods by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,849,174 shares of the company’s stock valued at $155,152,000 after acquiring an additional 134,983 shares during the period. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on HRL. BNP Paribas Exane lifted their price target on Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research report on Tuesday, July 14th. The Goldman Sachs Group set a $25.00 target price on Hormel Foods in a report on Thursday, May 21st. Bank of America boosted their price objective on shares of Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. boosted their price target on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Finally, Stephens restated an “equal weight” rating and issued a $25.00 target price on shares of Hormel Foods in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and an average target price of $26.57.

Hormel Foods Price Performance

Shares of Hormel Foods stock opened at $23.90 on Friday. The stock has a market capitalization of $13.15 billion, a P/E ratio of 28.12, a price-to-earnings-growth ratio of 2.75 and a beta of 0.34. Hormel Foods Corporation has a one year low of $19.70 and a one year high of $29.34. 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 50 day simple moving average is $24.91 and its two-hundred day simple moving average is $23.45.

Hormel Foods (NYSE:HRL) last issued its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter last year, the business earned $0.35 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. Analysts forecast that Hormel Foods Corporation will post 1.5 EPS for the current year.

Insiders Place Their Bets

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction 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 owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.58% of the stock is owned by 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.