Hormel Foods Co. (NYSE:HRL) Holdings Raised by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in Hormel Foods Co. (NYSE:HRL) by 2.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,033 shares of the company’s stock after purchasing an additional 1,670 shares during the quarter. CIBC Asset Management Inc’s holdings in Hormel Foods were worth $1,852,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Greenleaf Trust increased its position in shares of Hormel Foods by 4.4% in the fourth quarter. Greenleaf Trust now owns 8,029 shares of the company’s stock worth $252,000 after acquiring an additional 336 shares in the last quarter. Empower Advisory Group LLC boosted its stake in Hormel Foods by 3.7% in the 3rd quarter. Empower Advisory Group LLC now owns 9,649 shares of the company’s stock worth $306,000 after purchasing an additional 342 shares during the period. CFS Investment Advisory Services LLC grew its position in Hormel Foods by 2.8% during the 4th quarter. CFS Investment Advisory Services LLC now owns 13,445 shares of the company’s stock worth $422,000 after purchasing an additional 360 shares in the last quarter. New Century Financial Group LLC raised its stake in Hormel Foods by 6.2% during the 4th quarter. New Century Financial Group LLC now owns 6,738 shares of the company’s stock valued at $211,000 after purchasing an additional 392 shares during the period. Finally, MML Investors Services LLC lifted its holdings in shares of Hormel Foods by 4.8% in the third quarter. MML Investors Services LLC now owns 9,108 shares of the company’s stock valued at $289,000 after purchasing an additional 416 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Insider Activity

In related news, VP Steven J. Lykken acquired 4,904 shares of the stock in a transaction dated Friday, December 6th. The shares were acquired at an average price of $32.47 per share, with a total value of $159,232.88. Following the acquisition, the vice president now owns 7,100 shares in the company, valued at approximately $230,537. The trade was a 223.32 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by insiders.

Hormel Foods Price Performance

HRL opened at $29.66 on Friday. The stock has a fifty day moving average price of $30.38 and a 200 day moving average price of $31.17. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 1 year low of $28.03 and a 1 year high of $36.86. The stock has a market cap of $16.28 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 2.70 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01). Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. Analysts forecast that Hormel Foods Co. will post 1.65 EPS for the current fiscal year.

Hormel Foods Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th were paid a dividend of $0.29 per share. This is a positive change from Hormel Foods’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, January 13th. This represents a $1.16 annualized dividend and a dividend yield of 3.91%. Hormel Foods’s dividend payout ratio is 79.45%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on HRL shares. Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 22nd. Citigroup lowered their target price on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Finally, Stephens reissued an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Hormel Foods currently has an average rating of “Hold” and an average price target of $31.17.

About Hormel Foods

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.