Capital Guardian Trust Co. raised its stake in shares of Hormel Foods Corp (NYSE:HRL) by 57.6% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 636,600 shares of the company’s stock after purchasing an additional 232,700 shares during the period. Capital Guardian Trust Co. owned approximately 0.12% of Hormel Foods worth $20,460,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Dupont Capital Management Corp acquired a new position in Hormel Foods during the 3rd quarter valued at about $100,000. Acrospire Investment Management LLC acquired a new position in Hormel Foods during the 2nd quarter valued at about $111,000. BB&T Investment Services Inc. acquired a new position in Hormel Foods during the 2nd quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. boosted its stake in Hormel Foods by 0.4% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock valued at $163,000 after purchasing an additional 19 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new position in Hormel Foods during the 2nd quarter valued at about $189,000. Institutional investors and hedge funds own 38.33% of the company’s stock.
Hormel Foods Corp (HRL) traded up $0.31 during trading on Monday, reaching $37.24. The company had a trading volume of 1,219,100 shares, compared to its average volume of 2,401,092. Hormel Foods Corp has a fifty-two week low of $29.75 and a fifty-two week high of $38.00. The company has a current ratio of 1.91, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $19,660.00, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 2.42 and a beta of 0.65.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be paid a $0.1875 dividend. This is an increase 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 2.01%. Hormel Foods’s dividend payout ratio is presently 43.31%.
In related news, Director John L. Morrison sold 24,814 shares of the company’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 value of $789,333.34. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Gary Jamison sold 4,169 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $36.48, for a total value of $152,085.12. Following the completion of the transaction, the vice president now owns 12,615 shares in the company, valued at approximately $460,195.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 163,686 shares of company stock worth $5,625,515. 3.54% of the stock is owned by company insiders.
A number of brokerages have recently weighed in on HRL. Jefferies Group set a $34.00 target price on Hormel Foods and gave the stock a “hold” rating in a research note on Thursday, November 30th. Barclays set a $40.00 target price on Hormel Foods and gave the stock an “overweight” rating in a research note on Friday, December 1st. Zacks Investment Research downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. BidaskClub upgraded Hormel Foods from a “sell” rating to a “hold” rating in a research note on Monday, August 14th. Finally, Credit Suisse Group set a $33.00 target price on Hormel Foods and gave the stock a “hold” rating in a research note on Friday, November 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $35.50.
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About Hormel Foods
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