Hormel Foods Co. (NYSE:HRL) Position Decreased by Amalgamated Bank

Amalgamated Bank decreased its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 3.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,098 shares of the company’s stock after selling 1,968 shares during the period. Amalgamated Bank’s holdings in Hormel Foods were worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in HRL. SG Americas Securities LLC boosted its holdings in shares of Hormel Foods by 98.0% in the first quarter. SG Americas Securities LLC now owns 65,863 shares of the company’s stock worth $2,298,000 after buying an additional 32,593 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Hormel Foods by 15.6% in the first quarter. Russell Investments Group Ltd. now owns 127,684 shares of the company’s stock worth $4,454,000 after buying an additional 17,199 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Hormel Foods by 6.4% in the first quarter. Avantax Advisory Services Inc. now owns 18,267 shares of the company’s stock worth $637,000 after buying an additional 1,091 shares during the period. Entropy Technologies LP acquired a new position in shares of Hormel Foods in the first quarter worth about $756,000. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of Hormel Foods by 4.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 344,611 shares of the company’s stock worth $12,023,000 after buying an additional 15,522 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

HRL has been the subject of several research reports. BNP Paribas initiated coverage on shares of Hormel Foods in a report on Monday, October 21st. They set an “underperform” rating and a $28.00 price target for the company. Stephens initiated coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price target for the company. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $31.57.

Hormel Foods Price Performance

Shares of HRL opened at $30.39 on Wednesday. The firm has a market cap of $16.66 billion, a PE ratio of 21.38, a PEG ratio of 3.21 and a beta of 0.26. The firm’s 50 day moving average price is $31.40 and its 200 day moving average price is $32.04. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $36.86.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $2.95 billion. During the same quarter last year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, research analysts expect that Hormel Foods Co. will post 1.58 EPS for the current fiscal 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 given a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Tuesday, October 15th. Hormel Foods’s dividend payout ratio is 79.58%.

Insider Activity

In other news, VP Steven J. Lykken sold 9,800 shares of Hormel Foods 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 $976,094.99. 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 can be accessed through this hyperlink. In other news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction 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 sale, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Steven J. Lykken sold 9,800 shares of the firm’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 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. Insiders have sold a total of 71,400 shares of company stock valued at $2,288,338 over the last 90 days. 0.69% of the stock is currently owned by company insiders.

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.