Canada Pension Plan Investment Board reduced its position in Hormel Foods Corp (NYSE:HRL) by 16.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,506 shares of the company’s stock after selling 11,204 shares during the period. Canada Pension Plan Investment Board’s holdings in Hormel Foods were worth $2,140,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in HRL. Piedmont Investment Advisors LLC purchased a new position in Hormel Foods in the 2nd quarter valued at approximately $118,000. IMS Capital Management purchased a new position in Hormel Foods in the 2nd quarter valued at approximately $130,000. Dupont Capital Management Corp purchased a new position in Hormel Foods in the 2nd quarter valued at approximately $135,000. IBM Retirement Fund purchased a new position in Hormel Foods in the 1st quarter valued at approximately $203,000. Finally, Parallel Advisors LLC increased its stake in Hormel Foods by 113.0% in the 2nd quarter. Parallel Advisors LLC now owns 5,788 shares of the company’s stock valued at $215,000 after purchasing an additional 3,070 shares in the last quarter. 42.03% of the stock is owned by hedge funds and other institutional investors.
In other Hormel Foods news, insider Steven J. Lykken sold 3,614 shares of the firm’s stock in a transaction on Friday, August 31st. The stock was sold at an average price of $38.93, for a total transaction of $140,693.02. Following the completion of the transaction, the insider now owns 14,337 shares of the company’s stock, valued at $558,139.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman James P. Snee sold 21,923 shares of the firm’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $37.85, for a total value of $829,785.55. Following the transaction, the chairman now directly owns 49,326 shares of the company’s stock, valued at approximately $1,866,989.10. The disclosure for this sale can be found here. Insiders have sold 53,393 shares of company stock valued at $2,025,172 in the last three months. 1.48% of the stock is currently owned by company insiders.
Hormel Foods stock opened at $40.34 on Thursday. The company has a quick ratio of 0.78, a current ratio of 1.69 and a debt-to-equity ratio of 0.12. The firm has a market cap of $20.77 billion, a price-to-earnings ratio of 25.69, a P/E/G ratio of 2.68 and a beta of 0.34. Hormel Foods Corp has a fifty-two week low of $29.75 and a fifty-two week high of $40.36.
Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, August 23rd. The company reported $0.39 earnings per share for the quarter, hitting the consensus estimate of $0.39. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Hormel Foods had a return on equity of 17.44% and a net margin of 10.18%. Hormel Foods’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.34 earnings per share. research analysts anticipate that Hormel Foods Corp will post 1.76 EPS for the current year.
Several research firms recently weighed in on HRL. ValuEngine raised Hormel Foods from a “hold” rating to a “buy” rating in a research note on Thursday. Mizuho downgraded Hormel Foods from a “neutral” rating to an “underperform” rating and set a $33.00 price target for the company. in a research report on Wednesday, July 25th. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating in a research report on Tuesday, May 22nd. Jefferies Financial Group reissued a “buy” rating and set a $44.00 price target on shares of Hormel Foods in a research report on Wednesday, August 29th. Finally, Buckingham Research raised their price target on Hormel Foods from $32.00 to $34.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Hormel Foods currently has a consensus rating of “Hold” and an average price target of $36.30.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon; and shelf-stable products, such as canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
Further Reading: Market Capitalization – What it Means for Investors
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