Hartford Investment Management Co. Has $574,000 Stock Holdings in Hormel Foods Co. (NYSE:HRL)

Hartford Investment Management Co. lessened its holdings in Hormel Foods Co. (NYSE:HRL) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,112 shares of the company’s stock after selling 486 shares during the period. Hartford Investment Management Co.’s holdings in Hormel Foods were worth $574,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Lecap Asset Management Ltd. bought a new stake in Hormel Foods during the third quarter worth about $902,000. Global X Japan Co. Ltd. grew its stake in Hormel Foods by 10.9% during the third quarter. Global X Japan Co. Ltd. now owns 13,389 shares of the company’s stock worth $424,000 after buying an additional 1,315 shares during the last quarter. Private Advisor Group LLC grew its stake in Hormel Foods by 12.2% during the third quarter. Private Advisor Group LLC now owns 102,418 shares of the company’s stock worth $3,247,000 after buying an additional 11,170 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Hormel Foods during the third quarter worth about $384,000. Finally, Castleview Partners LLC bought a new stake in Hormel Foods during the third quarter worth about $147,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL stock opened at $31.06 on Friday. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $36.86. The stock has a market cap of $17.03 billion, a PE ratio of 21.87, a PEG ratio of 3.07 and a beta of 0.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29. The firm’s 50 day moving average price is $31.76 and its two-hundred day moving average price is $32.39.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data 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. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.95 billion. During the same period last year, the firm earned $0.40 earnings per share. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts forecast that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $0.282 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 dividend on an annualized basis and a yield of 3.63%. Hormel Foods’s payout ratio is presently 79.58%.

Analyst Ratings Changes

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

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Hormel Foods news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of the 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 owns 30,589 shares in the company, valued at approximately $976,094.99. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is currently owned by insiders.

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.