Highland Capital Management LP purchased a new stake in shares of Hormel Foods Corp (NYSE:HRL) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 8,000 shares of the company’s stock, valued at approximately $291,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Koch Industries Inc. raised its stake in shares of Hormel Foods by 31.5% during the fourth quarter. Koch Industries Inc. now owns 20,827 shares of the company’s stock valued at $758,000 after acquiring an additional 4,989 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Hormel Foods by 7.1% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 48,000 shares of the company’s stock worth $1,747,000 after acquiring an additional 3,200 shares during the period. Amundi Pioneer Asset Management Inc. bought a new position in Hormel Foods in the fourth quarter worth approximately $20,735,000. W. E. Donoghue & Co. LLC bought a new position in Hormel Foods in the fourth quarter worth approximately $2,567,000. Finally, Geode Capital Management LLC raised its position in Hormel Foods by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,229,951 shares of the company’s stock worth $117,316,000 after acquiring an additional 83,024 shares during the period. Hedge funds and other institutional investors own 39.40% of the company’s stock.
In other news, insider Luis G. Marconi sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $33.88, for a total value of $33,880.00. Following the completion of the sale, the insider now owns 21,532 shares in the company, valued at approximately $729,504.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Elsa A. Murano sold 7,129 shares of the firm’s stock in a transaction dated Thursday, January 4th. The stock was 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 of the company’s stock, valued at approximately $3,275,676. The disclosure for this sale can be found here. Insiders sold a total of 32,621 shares of company stock valued at $1,109,949 over the last three months. Corporate insiders own 3.54% of the company’s stock.
HRL stock traded up $0.20 on Friday, reaching $33.50. 3,891,701 shares of the company traded hands, compared to its average volume of 2,656,274. The stock has a market capitalization of $17,741.10, a PE ratio of 19.71, a price-to-earnings-growth ratio of 1.95 and a beta of 0.53. Hormel Foods Corp has a 52 week low of $29.75 and a 52 week high of $38.00. The company has a quick ratio of 0.74, a current ratio of 1.47 and a debt-to-equity ratio of 0.12.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, February 22nd. The company reported $0.44 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.44. Hormel Foods had a net margin of 9.92% and a return on equity of 17.44%. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the company posted $0.44 earnings per share. Hormel Foods’s quarterly revenue was up 2.1% on a year-over-year basis. analysts anticipate that Hormel Foods Corp will post 1.84 earnings per share for the current year.
HRL has been the topic of several 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 target on the stock in a research report on Thursday, November 23rd. Credit Suisse Group set a $33.00 price target on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Friday, November 24th. Mizuho set a $34.00 price target on shares of Hormel Foods and gave the stock a “hold” rating in a research report on Saturday, November 25th. Barclays set a $40.00 price objective on shares of Hormel Foods and gave the stock 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 stock a “hold” rating in a research note on Thursday, November 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $34.60.
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Hormel Foods Company 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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