ProShare Advisors LLC Purchases 199,839 Shares of Hormel Foods Co. (NYSE:HRL)
ProShare Advisors LLC increased its position in shares of Hormel Foods Co. (NYSE:HRL) by 10.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,105,636 shares of the company’s stock after acquiring an additional 199,839 shares during the quarter. ProShare Advisors LLC’s holdings in Hormel Foods were worth $98,144,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in HRL. Louisiana State Employees Retirement System lifted its stake in Hormel Foods by 18.3% in the third quarter. Louisiana State Employees Retirement System now owns 14,200 shares of the company’s stock valued at $694,000 after buying an additional 2,200 shares in the last quarter. Prestige Wealth Management Group LLC lifted its stake in Hormel Foods by 51.9% in the third quarter. Prestige Wealth Management Group LLC now owns 2,219 shares of the company’s stock valued at $109,000 after buying an additional 758 shares in the last quarter. Ellevest Inc. lifted its stake in Hormel Foods by 18.5% in the third quarter. Ellevest Inc. now owns 1,617 shares of the company’s stock valued at $79,000 after buying an additional 253 shares in the last quarter. Alberta Investment Management Corp lifted its stake in Hormel Foods by 5.0% in the third quarter. Alberta Investment Management Corp now owns 298,900 shares of the company’s stock valued at $14,613,000 after buying an additional 14,100 shares in the last quarter. Finally, Ethic Inc. lifted its stake in Hormel Foods by 16.3% in the third quarter. Ethic Inc. now owns 5,418 shares of the company’s stock valued at $265,000 after buying an additional 761 shares in the last quarter. 42.78% of the stock is currently owned by institutional investors and hedge funds.
HRL has been the topic of a number of research reports. Bank of America cut their price target on shares of Hormel Foods from $45.00 to $44.00 and set an “underperform” rating on the stock in a research note on Wednesday, November 25th. Argus downgraded shares of Hormel Foods from a “buy” rating to a “hold” rating in a report on Wednesday, December 9th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Hormel Foods from $44.00 to $40.00 in a report on Tuesday, January 19th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $45.86.
NYSE HRL opened at $47.28 on Tuesday. The company has a quick ratio of 1.67, a current ratio of 2.38 and a debt-to-equity ratio of 0.16. Hormel Foods Co. has a 12-month low of $39.01 and a 12-month high of $52.97. The company has a market capitalization of $25.53 billion, a PE ratio of 28.31, a price-to-earnings-growth ratio of 4.14 and a beta of -0.06. The firm’s 50 day moving average is $46.78 and its 200-day moving average is $48.77.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, February 17th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.01. Hormel Foods had a net margin of 9.45% and a return on equity of 14.55%. During the same period in the prior year, the firm earned $0.45 EPS. As a group, sell-side analysts expect that Hormel Foods Co. will post 1.76 EPS for the current year.
About Hormel Foods
Hormel Foods Corporation produces and markets various meat and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
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