DekaBank Deutsche Girozentrale Grows Holdings in Hormel Foods Co. (NYSE:HRL)

DekaBank Deutsche Girozentrale lifted its holdings in Hormel Foods Co. (NYSE:HRL) by 25.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,142 shares of the company’s stock after buying an additional 14,257 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Hormel Foods were worth $2,255,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MCF Advisors LLC grew its position in shares of Hormel Foods by 5.8% in the 3rd quarter. MCF Advisors LLC now owns 17,816 shares of the company’s stock worth $565,000 after buying an additional 980 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Hormel Foods by 22.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 104,648 shares of the company’s stock worth $3,317,000 after buying an additional 19,118 shares during the period. Forsta AP Fonden boosted its stake in Hormel Foods by 95.7% in the 3rd quarter. Forsta AP Fonden now owns 58,500 shares of the company’s stock worth $1,854,000 after purchasing an additional 28,600 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Hormel Foods by 33.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 46,186 shares of the company’s stock valued at $1,465,000 after purchasing an additional 11,550 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Hormel Foods by 328.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 514,116 shares of the company’s stock valued at $16,297,000 after purchasing an additional 394,068 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Stock Performance

Shares of NYSE HRL opened at $30.92 on Friday. The firm’s 50-day moving average price is $31.61 and its 200-day moving average price is $32.25. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. The company has a market cap of $16.96 billion, a PE ratio of 21.77, a PEG ratio of 3.46 and a beta of 0.25. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $36.86.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.40 EPS. As a group, analysts anticipate that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $0.282 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Tuesday, October 15th. Hormel Foods’s payout ratio is presently 79.58%.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Stephens assumed coverage on shares of Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price objective on the stock. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and increased their price objective for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, BNP Paribas assumed coverage on shares of Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $31.57.

Insider Buying and Selling

In related news, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares of the company’s stock, valued at approximately $1,276,935. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the transaction, the vice president now directly owns 30,589 shares in the company, valued at approximately $976,094.99. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is owned by insiders.

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.