Municipal Employees Retirement System of Michigan trimmed its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 19.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,960 shares of the company’s stock after selling 1,720 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Hormel Foods were worth $224,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dupont Capital Management Corp purchased a new stake in shares of Hormel Foods during the 3rd quarter valued at about $100,000. Acrospire Investment Management LLC purchased a new stake in Hormel Foods in the 2nd quarter worth about $111,000. BB&T Investment Services Inc. purchased a new stake in Hormel Foods in the 2nd quarter worth about $118,000. Bronfman E.L. Rothschild L.P. raised its position in Hormel Foods 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 during the period. Finally, Penserra Capital Management LLC purchased a new stake in Hormel Foods in the 2nd quarter worth about $189,000. Hedge funds and other institutional investors own 38.33% of the company’s stock.

In other news, VP Gary Jamison sold 4,169 shares of Hormel Foods stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $36.48, for a total value of $152,085.12. Following the sale, the vice president now owns 12,615 shares in the company, valued at $460,195.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven G. Binder sold 15,000 shares of Hormel Foods stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $32.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider now owns 26,838 shares in the company, valued at approximately $858,816. The disclosure for this sale can be found here. Insiders sold 163,686 shares of company stock valued at $5,625,515 in the last ninety days. 3.54% of the stock is owned by corporate insiders.

A number of brokerages have recently commented on HRL. Zacks Investment Research lowered shares of Hormel Foods from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Jefferies Group set a $34.00 target price on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Thursday, November 30th. Barclays set a $40.00 price objective on shares of Hormel Foods and gave the company an “overweight” rating in a research note on Friday, December 1st. Mizuho set a $34.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research note on Saturday, November 25th. Finally, Credit Suisse Group set a $33.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research note on Friday, November 24th. One equities 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 stock. Hormel Foods currently has an average rating of “Hold” and a consensus target price of $35.50.

Hormel Foods Corp (NYSE:HRL) traded up $0.13 during trading hours on Thursday, hitting $37.12. 1,219,000 shares of the stock traded hands, compared to its average volume of 2,392,984. Hormel Foods Corp has a 1-year low of $29.75 and a 1-year high of $38.00. The company has a quick ratio of 1.04, a current ratio of 1.91 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $19,370.00, a P/E ratio of 23.41, a P/E/G ratio of 2.40 and a beta of 0.65.

Hormel Foods (NYSE:HRL) last issued its earnings results on Tuesday, November 21st. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.01. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The firm had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter last year, the company posted $0.45 earnings per share. The firm’s revenue was down 5.1% compared to the same quarter last year. research analysts forecast that Hormel Foods Corp will post 1.65 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be issued a $0.1875 dividend. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. The ex-dividend date is Friday, January 12th. This represents a $0.75 dividend on an annualized basis and a yield of 2.02%. Hormel Foods’s payout ratio is presently 43.31%.

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Hormel Foods Company Profile

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Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

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