Handelsbanken Fonder AB Reduces Stock Position in Hormel Foods Co. (NYSE:HRL)

Handelsbanken Fonder AB cut its holdings in Hormel Foods Co. (NYSE:HRL) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 65,702 shares of the company’s stock after selling 1,585 shares during the period. Handelsbanken Fonder AB’s holdings in Hormel Foods were worth $2,083,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 647 shares during the period. CVA Family Office LLC purchased a new stake in Hormel Foods during the 1st quarter valued at $31,000. International Assets Investment Management LLC bought a new stake in Hormel Foods in the second quarter worth $34,000. Central Valley Advisors LLC bought a new stake in Hormel Foods in the second quarter worth $37,000. Finally, Register Financial Advisors LLC purchased a new position in Hormel Foods during the first quarter worth $42,000. Institutional investors own 40.99% of the company’s stock.

Analyst Ratings Changes

HRL has been the topic of several recent analyst reports. Stephens assumed coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price for the company. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Hormel Foods currently has an average rating of “Hold” and an average target price of $32.17.

Insider Activity at Hormel Foods

In other Hormel Foods news, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the transaction, the executive vice president now owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 30,589 shares in the company, valued at $976,094.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares in the company, valued at approximately $2,313,850.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock worth $2,288,338 over the last three months. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Trading Down 0.3 %

Shares of HRL opened at $30.98 on Thursday. 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 firm has a market capitalization of $16.99 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 3.11 and a beta of 0.25. The company has a 50-day moving average of $31.98 and a 200 day moving average of $32.68. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $37.24.

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 during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. Hormel Foods’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 earnings per share. On average, research analysts expect that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $0.282 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.64%. Hormel Foods’s dividend payout ratio is currently 80.71%.

Hormel Foods 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.