Lowe Brockenbrough & Co. Inc. Purchases 11,760 Shares of Hormel Foods Corporation (HRL)
Lowe Brockenbrough & Co. Inc. boosted its position in Hormel Foods Corporation (NYSE:HRL) by 37.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,300 shares of the company’s stock after purchasing an additional 11,760 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Hormel Foods Corporation were worth $1,392,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Dupont Capital Management Corp acquired a new position in Hormel Foods Corporation in the 3rd quarter worth about $100,000. Acrospire Investment Management LLC acquired a new position in Hormel Foods Corporation in the 2nd quarter worth about $111,000. BB&T Investment Services Inc. acquired a new position in Hormel Foods Corporation in the 2nd quarter worth about $118,000. Bronfman E.L. Rothschild L.P. increased its holdings in Hormel Foods Corporation by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after purchasing an additional 19 shares in the last quarter. Finally, Penserra Capital Management LLC acquired a new position in Hormel Foods Corporation in the 2nd quarter worth about $189,000. 38.33% of the stock is owned by institutional investors and hedge funds.
Shares of Hormel Foods Corporation (NYSE HRL) traded down $0.15 during mid-day trading on Friday, hitting $32.93. The stock had a trading volume of 3,107,500 shares, compared to its average volume of 2,352,102. The firm has a market capitalization of $17,370.00, a PE ratio of 20.42, a price-to-earnings-growth ratio of 2.17 and a beta of 0.59. The company has a current ratio of 2.53, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. Hormel Foods Corporation has a 12 month low of $29.75 and a 12 month high of $37.97.
Hormel Foods Corporation (NYSE:HRL) last issued its quarterly earnings results on Thursday, August 24th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.03). The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.24 billion. Hormel Foods Corporation had a net margin of 9.38% and a return on equity of 18.90%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. equities analysts forecast that Hormel Foods Corporation will post 1.56 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Monday, October 23rd were paid a dividend of $0.17 per share. The ex-dividend date was Friday, October 20th. This represents a $0.68 annualized dividend and a yield of 2.06%. Hormel Foods Corporation’s dividend payout ratio is currently 41.98%.
A number of brokerages have issued reports on HRL. BMO Capital Markets reaffirmed a “buy” rating and issued a $38.00 target price on shares of Hormel Foods Corporation in a report on Monday, November 6th. Mizuho reaffirmed a “hold” rating and issued a $33.00 target price on shares of Hormel Foods Corporation in a report on Wednesday, October 4th. Barclays PLC lowered their target price on Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating for the company in a report on Friday, August 25th. Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Monday, September 11th. Finally, BidaskClub raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a report on Monday, August 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.44.
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In related news, Director John L. Morrison sold 24,814 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James N. Sheehan sold 35,704 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $30.87, for a total value of $1,102,182.48. Following the sale, the vice president now directly owns 60,000 shares of the company’s stock, valued at approximately $1,852,200. The disclosure for this sale can be found here. Insiders have sold 194,518 shares of company stock valued at $6,132,366 in the last ninety days. 3.54% of the stock is currently owned by insiders.
Hormel Foods Corporation Profile
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