Miller Howard Investments Inc. NY Has $32.25 Million Stake in Hormel Foods Corporation $HRL

Miller Howard Investments Inc. NY increased its stake in shares of Hormel Foods Corporation (NYSE:HRL) by 100.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,423,720 shares of the company’s stock after purchasing an additional 714,080 shares during the quarter. Miller Howard Investments Inc. NY owned about 0.26% of Hormel Foods worth $32,247,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Caxton Associates LLP bought a new stake in shares of Hormel Foods during the first quarter worth $310,000. Empowered Funds LLC increased its position in Hormel Foods by 1.8% in the first quarter. Empowered Funds LLC now owns 57,500 shares of the company’s stock worth $1,779,000 after purchasing an additional 993 shares during the period. Woodline Partners LP increased its position in Hormel Foods by 40.8% in the first quarter. Woodline Partners LP now owns 24,583 shares of the company’s stock worth $761,000 after purchasing an additional 7,129 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Hormel Foods by 214.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,731 shares of the company’s stock worth $143,000 after purchasing an additional 3,226 shares during the last quarter. Finally, Cerity Partners LLC raised its holdings in Hormel Foods by 76.5% during the 2nd quarter. Cerity Partners LLC now owns 103,616 shares of the company’s stock worth $3,134,000 after purchasing an additional 44,906 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL opened at $24.74 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a 1 year low of $19.70 and a 1 year high of $31.86. The stock has a market cap of $13.61 billion, a P/E ratio of 29.11, a price-to-earnings-growth ratio of 2.77 and a beta of 0.35. The stock’s 50-day moving average price is $22.04 and its two-hundred day moving average price is $23.13.

Hormel Foods (NYSE:HRL) last posted its earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.35 EPS. On average, equities analysts predict that Hormel Foods Corporation will post 1.5 earnings per share for the current year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, July 13th will be issued a dividend of $0.2925 per share. The ex-dividend date is Monday, July 13th. This represents a $1.17 dividend on an annualized basis and a yield of 4.7%. Hormel Foods’s payout ratio is currently 137.65%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on HRL shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Tuesday, April 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. Bank of America increased their price objective on shares of Hormel Foods from $23.00 to $25.00 and gave the company a “neutral” rating in a report on Friday, May 29th. The Goldman Sachs Group set a $25.00 price objective on shares of Hormel Foods in a research note on Thursday, May 21st. Finally, Stephens lifted their target price on shares of Hormel Foods from $22.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, May 29th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $25.67.

About Hormel Foods

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.