Schwab Charles Investment Management Inc. boosted its holdings in Hormel Foods Corp (NYSE:HRL) by 3.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 919,858 shares of the company’s stock after acquiring an additional 29,067 shares during the period. Schwab Charles Investment Management Inc. owned about 0.17% of Hormel Foods worth $29,565,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of HRL. Dupont Capital Management Corp bought a new position in Hormel Foods in the third quarter worth about $100,000. Acrospire Investment Management LLC bought a new position in Hormel Foods in the second quarter worth about $111,000. BB&T Investment Services Inc. bought a new position in Hormel Foods in the second quarter worth about $118,000. Bronfman E.L. Rothschild L.P. lifted its holdings in Hormel Foods by 0.4% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after acquiring an additional 19 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new position in Hormel Foods in the second quarter worth about $189,000. 38.33% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director John L. Morrison sold 24,814 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $31.81, for a total transaction of $789,333.34. The sale was disclosed in a legal filing with the SEC. Also, insider Steven G. Binder sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $32.00, for a total value of $480,000.00. Following the sale, the insider now directly owns 26,838 shares in the company, valued at approximately $858,816. In the last three months, insiders have sold 163,686 shares of company stock worth $5,625,515. 3.54% of the stock is owned by corporate insiders.
A number of equities research analysts have recently weighed in on the company. Jefferies Group set a $34.00 price target on Hormel Foods and gave the company a “hold” rating in a report on Thursday, November 30th. Barclays set a $40.00 price target on Hormel Foods and gave the company an “overweight” rating in a report on Friday, December 1st. Zacks Investment Research cut Hormel Foods from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub raised Hormel Foods from a “sell” rating to a “hold” rating in a report on Monday, August 14th. Finally, Credit Suisse Group set a $33.00 price target on Hormel Foods and gave the company a “hold” rating in a report on Friday, November 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $35.50.
Shares of Hormel Foods Corp (HRL) traded down $0.25 during trading hours on Tuesday, reaching $36.99. The company had a trading volume of 1,803,600 shares, compared to its average volume of 2,398,582. Hormel Foods Corp has a 1 year low of $29.75 and a 1 year high of $38.00. The company has a market capitalization of $19,656.32, a PE ratio of 23.57, a price-to-earnings-growth ratio of 2.42 and a beta of 0.65. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.04 and a current ratio of 1.91.
Hormel Foods (NYSE:HRL) last announced its earnings results on Tuesday, November 21st. The company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Hormel Foods had a return on equity of 17.87% and a net margin of 9.24%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the previous year, the company earned $0.45 earnings per share. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. equities analysts predict that Hormel Foods Corp will post 1.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be issued a dividend of $0.1875 per share. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Friday, January 12th. This represents a $0.75 annualized dividend and a yield of 2.03%. Hormel Foods’s payout ratio is presently 43.04%.