Commerzbank Aktiengesellschaft FI Purchases 59,122 Shares of Hormel Foods Corporation $HRL

Commerzbank Aktiengesellschaft FI raised its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 252.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,558 shares of the company’s stock after buying an additional 59,122 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Hormel Foods were worth $1,870,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of HRL. Caxton Associates LLP bought a new stake in shares of Hormel Foods during the 1st quarter worth approximately $310,000. Empowered Funds LLC boosted its holdings in Hormel Foods by 1.8% during the 1st quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock valued at $1,779,000 after acquiring an additional 993 shares during the period. Woodline Partners LP grew its position in Hormel Foods by 40.8% in the 1st quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock valued at $761,000 after acquiring an additional 7,129 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Hormel Foods by 214.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock valued at $143,000 after acquiring an additional 3,226 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Hormel Foods by 76.5% in the second quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock worth $3,134,000 after purchasing an additional 44,906 shares during the period. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Gary C. Bhojwani sold 20,200 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the sale, the director directly owned 32,002 shares of the company’s stock, valued at $784,369.02. This represents a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is currently owned by company insiders.

Hormel Foods Trading Down 0.8%

HRL opened at $25.08 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. The stock’s fifty day moving average is $23.70 and its two-hundred day moving average is $23.29. The company has a market capitalization of $13.80 billion, a P/E ratio of 29.50, a PEG ratio of 2.91 and a beta of 0.34. Hormel Foods Corporation has a 52 week low of $19.70 and a 52 week high of $29.78.

Hormel Foods (NYSE:HRL) last issued its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share 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 business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period in the prior year, the business earned $0.35 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. Analysts forecast that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be issued 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 payout ratio is presently 137.65%.

Wall Street Analyst Weigh In

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

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.