Hormel Foods Co. (NYSE:HRL) Position Cut by Sowell Financial Services LLC

Sowell Financial Services LLC lowered its position in shares of Hormel Foods Co. (NYSE:HRL) by 33.8% in the 1st quarter, Holdings Channel reports. The fund owned 743 shares of the company’s stock after selling 379 shares during the period. Sowell Financial Services LLC’s holdings in Hormel Foods were worth $35,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in HRL. Norges Bank bought a new position in shares of Hormel Foods during the fourth quarter worth about $131,011,000. Principal Financial Group Inc. grew its position in shares of Hormel Foods by 7.4% during the fourth quarter. Principal Financial Group Inc. now owns 4,561,418 shares of the company’s stock worth $212,608,000 after acquiring an additional 312,630 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Hormel Foods by 10.5% during the fourth quarter. ProShare Advisors LLC now owns 2,105,636 shares of the company’s stock worth $98,144,000 after acquiring an additional 199,839 shares during the last quarter. Bank of New York Mellon Corp grew its position in Hormel Foods by 10.9% in the 4th quarter. Bank of New York Mellon Corp now owns 1,977,885 shares of the company’s stock valued at $92,190,000 after buying an additional 193,700 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its position in Hormel Foods by 20.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 729,382 shares of the company’s stock valued at $33,996,000 after buying an additional 124,014 shares in the last quarter. Institutional investors and hedge funds own 40.44% of the company’s stock.

Shares of NYSE HRL opened at $48.67 on Friday. Hormel Foods Co. has a twelve month low of $43.45 and a twelve month high of $52.97. The company has a quick ratio of 1.94, a current ratio of 2.99 and a debt-to-equity ratio of 0.16. The firm has a market cap of $26.38 billion, a P/E ratio of 29.86, a price-to-earnings-growth ratio of 4.51 and a beta of -0.07. The firm has a 50-day simple moving average of $47.54.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, May 19th. The company reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.01. Hormel Foods had a net margin of 8.99% and a return on equity of 13.68%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.41 billion. During the same period in the prior year, the company earned $0.42 EPS. Hormel Foods’s revenue was up 7.6% on a year-over-year basis. On average, sell-side analysts anticipate that Hormel Foods Co. will post 1.74 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 16th. Shareholders of record on Monday, July 12th will be issued a $0.245 dividend. This represents a $0.98 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Friday, July 9th. Hormel Foods’s payout ratio is 59.04%.

In other Hormel Foods news, Director Elsa A. Murano sold 6,000 shares of the company’s stock in a transaction dated Tuesday, April 6th. The shares were sold at an average price of $48.06, for a total transaction of $288,360.00. Following the completion of the sale, the director now directly owns 99,469 shares of the company’s stock, valued at $4,780,480.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Gary Jamison sold 6,278 shares of the company’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $48.23, for a total transaction of $302,787.94. Following the sale, the vice president now directly owns 11,777 shares of the company’s stock, valued at $568,004.71. The disclosure for this sale can be found here. Insiders sold a total of 43,478 shares of company stock valued at $2,110,298 over the last three months. 0.80% of the stock is owned by corporate insiders.

Separately, Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating and set a $52.00 target price for the company in a research report on Friday, May 21st. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $48.00.

Hormel Foods Profile

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

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