Hormel Foods Corporation $HRL Position Reduced by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 19.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 190,634 shares of the company’s stock after selling 44,844 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Hormel Foods were worth $3,801,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Raiffeisen Bank International AG raised its stake in Hormel Foods by 90.7% during the 2nd quarter. Raiffeisen Bank International AG now owns 986 shares of the company’s stock worth $26,000 after acquiring an additional 469 shares during the period. Latitude Advisors LLC purchased a new position in shares of Hormel Foods during the 3rd quarter valued at $27,000. Fiduciary Financial Advisors purchased a new stake in Hormel Foods in the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC increased its stake in Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock worth $33,000 after buying an additional 531 shares in the last quarter. Finally, Global Retirement Partners LLC bought a new stake in Hormel Foods during the second quarter valued at about $37,000. 40.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Chairman William A. Newlands purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The stock was bought at an average price of $20.10 per share, for a total transaction of $201,000.00. Following the completion of the transaction, the chairman owned 76,375 shares in the company, valued at approximately $1,535,137.50. The trade was a 15.07% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.58% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL stock traded down $0.65 on Friday, reaching $21.95. The company’s stock had a trading volume of 5,874,949 shares, compared to its average volume of 5,515,812. The stock’s fifty day simple moving average is $20.68 and its 200-day simple moving average is $22.80. Hormel Foods Corporation has a 1 year low of $18.96 and a 1 year high of $26.60. The company has a current ratio of 1.88, a quick ratio of 0.92 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 34.84, a price-to-earnings-growth ratio of 2.44 and a beta of 0.27.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, August 26th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $3.03 billion. During the same quarter in the prior year, the firm earned $0.35 earnings per share. Hormel Foods’s revenue was down 2.4% on a year-over-year basis. Analysts forecast that Hormel Foods Corporation will post 1.48 earnings per share for the current fiscal year.

Hormel Foods Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Tuesday, October 13th will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.3%. Hormel Foods’s dividend payout ratio (DPR) is presently 185.71%.

Wall Street Analysts Forecast Growth

HRL has been the subject of a number of recent analyst reports. Barclays reaffirmed an “overweight” rating and issued a $28.00 price objective (down from $30.00) on shares of Hormel Foods in a research note on Wednesday, October 14th. Weiss Ratings cut Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, August 28th. Piper Sandler restated a “neutral” rating on shares of Hormel Foods in a research note on Tuesday, October 6th. JPMorgan Chase & Co. increased their price objective on shares of Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Finally, BNP Paribas Exane reaffirmed a “neutral” rating and set a $23.00 target price (down from $26.00) on shares of Hormel Foods in a research note on Wednesday, October 7th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and an average price target of $25.43.

Hormel Foods Company Profile

Hormel Foods Corporation (NYSE: HRL) is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.