Hormel Foods Corp (HRL) Shares Bought by Geode Capital Management LLC
Geode Capital Management LLC boosted its stake in shares of Hormel Foods Corp (NYSE:HRL) by 2.6% in the 4th quarter, Holdings Channel reports. The firm owned 3,229,951 shares of the company’s stock after buying an additional 83,024 shares during the quarter. Geode Capital Management LLC’s holdings in Hormel Foods were worth $117,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors 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 $100,000. Steward Partners Investment Advisory LLC raised its stake in Hormel Foods by 3,200.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,300 shares of the company’s stock valued at $120,000 after purchasing an additional 3,200 shares during the last quarter. Bbva Compass Bancshares Inc. acquired a new position in Hormel Foods during the 4th quarter valued at $205,000. First Citizens Bank & Trust Co. acquired a new position in Hormel Foods during the 4th quarter valued at $218,000. Finally, Resources Investment Advisors Inc. acquired a new position in shares of Hormel Foods in the 4th quarter valued at $218,000. Hedge funds and other institutional investors own 38.96% of the company’s stock.
HRL has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Thursday, November 23rd. 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. 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. 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. Finally, Jefferies Group set a $34.00 price objective on shares of Hormel Foods and gave the company a “hold” rating in a research note on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $34.60.
Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, February 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.44. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Hormel Foods had a net margin of 9.92% and a return on equity of 17.44%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. analysts expect that Hormel Foods Corp will post 1.82 earnings per share for the current fiscal year.
In related news, Director Elsa A. Murano sold 7,129 shares of the stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $36.00, for a total transaction of $256,644.00. Following the completion of the sale, the director now owns 90,991 shares in the company, valued at approximately $3,275,676. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven G. Binder sold 20,000 shares of the stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $33.40, for a total transaction of $668,000.00. Following the sale, the insider now owns 31,964 shares of the company’s stock, valued at approximately $1,067,597.60. The disclosure for this sale can be found here. Company insiders own 3.54% of the company’s stock.
Hormel Foods Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
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