Forsta AP Fonden Reduces Position in Hormel Foods Co. (NYSE:HRL)

Forsta AP Fonden trimmed its position in Hormel Foods Co. (NYSE:HRL) by 51.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,900 shares of the company’s stock after selling 31,500 shares during the period. Forsta AP Fonden’s holdings in Hormel Foods were worth $912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after buying an additional 647 shares during the period. CVA Family Office LLC purchased a new position in shares of Hormel Foods during the first quarter worth $31,000. International Assets Investment Management LLC acquired a new position in Hormel Foods during the second quarter valued at $34,000. Central Valley Advisors LLC purchased a new stake in Hormel Foods in the second quarter valued at $37,000. Finally, Register Financial Advisors LLC acquired a new stake in Hormel Foods during the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Up 1.4 %

Hormel Foods stock opened at $32.53 on Tuesday. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $39.58. The stock has a market capitalization of $17.84 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 3.10 and a beta of 0.25. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The business has a 50 day simple moving average of $31.91 and a 200-day simple moving average of $32.97.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 earnings per share. On average, analysts anticipate that Hormel Foods Co. will post 1.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

HRL has been the topic of several analyst reports. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Stephens reaffirmed an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a research note on Friday, May 31st. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and boosted their target price for the company from $33.00 to $37.00 in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Hormel Foods presently has an average rating of “Hold” and a consensus price target of $32.33.

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.