Palisade Asset Management LLC lessened its stake in Hormel Foods Corp (NYSE:HRL) by 31.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 216,958 shares of the company’s stock after selling 98,400 shares during the quarter. Hormel Foods comprises approximately 1.5% of Palisade Asset Management LLC’s holdings, making the stock its 23rd biggest holding. Palisade Asset Management LLC’s holdings in Hormel Foods were worth $9,711,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in HRL. Martingale Asset Management L P boosted its holdings in shares of Hormel Foods by 45.9% in the 3rd quarter. Martingale Asset Management L P now owns 256,598 shares of the company’s stock valued at $10,111,000 after purchasing an additional 80,702 shares during the last quarter. FMR LLC raised its stake in shares of Hormel Foods by 2.7% in the 3rd quarter. FMR LLC now owns 46,834 shares of the company’s stock valued at $1,845,000 after acquiring an additional 1,250 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Hormel Foods by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,916,693 shares of the company’s stock valued at $75,511,000 after acquiring an additional 14,099 shares during the period. Franklin Resources Inc. raised its stake in shares of Hormel Foods by 72.7% in the 3rd quarter. Franklin Resources Inc. now owns 37,056 shares of the company’s stock valued at $1,460,000 after acquiring an additional 15,601 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Hormel Foods by 34.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,311,256 shares of the company’s stock valued at $51,664,000 after acquiring an additional 332,384 shares during the period. Institutional investors own 43.46% of the company’s stock.

In related news, Director Glenn S. Forbes sold 4,695 shares of Hormel Foods stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $43.00, for a total transaction of $201,885.00. Following the sale, the director now owns 49,481 shares of the company’s stock, valued at approximately $2,127,683. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas R. Day sold 6,000 shares of Hormel Foods stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $41.91, for a total transaction of $251,460.00. Following the sale, the insider now directly owns 5,031 shares in the company, valued at approximately $210,849.21. The disclosure for this sale can be found here. Insiders have sold a total of 274,705 shares of company stock worth $12,116,336 in the last ninety days. 1.11% of the stock is currently owned by insiders.

A number of brokerages have recently commented on HRL. Zacks Investment Research raised shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research note on Thursday, February 28th. Jefferies Financial Group reissued a “hold” rating and issued a $44.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Stephens began coverage on shares of Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating on the stock. Credit Suisse Group reissued a “hold” rating and issued a $39.00 target price on shares of Hormel Foods in a research note on Thursday, February 21st. Finally, ValuEngine downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $41.33.

Hormel Foods stock traded down $0.05 during midday trading on Monday, hitting $41.10. 2,107,700 shares of the stock were exchanged, compared to its average volume of 2,756,094. Hormel Foods Corp has a 1 year low of $34.12 and a 1 year high of $46.26. The company has a market capitalization of $21.92 billion, a price-to-earnings ratio of 21.75, a price-to-earnings-growth ratio of 2.74 and a beta of 0.19. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.46 and a quick ratio of 0.77.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, February 21st. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. Hormel Foods had a net margin of 9.93% and a return on equity of 17.58%. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the previous year, the firm posted $0.56 EPS. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts forecast that Hormel Foods Corp will post 1.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s dividend payout ratio (DPR) is 44.44%.

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Hormel Foods Profile

Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.

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

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