Insider Selling: Hormel Foods Co. (NYSE:HRL) VP Sells $312,718.00 in Stock

by · The Markets Daily

Hormel Foods Co. (NYSE:HRL – Get Free Report) VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the sale, the vice president now directly owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Hormel Foods Stock Down 0.4 %

Shares of NYSE HRL opened at $31.54 on Thursday. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. The company has a market cap of $17.29 billion, a P/E ratio of 22.53, a P/E/G ratio of 3.11 and a beta of 0.25. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $38.27. The business has a 50-day simple moving average of $32.04 and a two-hundred day simple moving average of $32.78.

Hormel Foods (NYSE:HRL – Get Free Report) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the business earned $0.40 EPS. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. Research analysts anticipate that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a $0.282 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.58%. Hormel Foods’s payout ratio is currently 80.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. ProShare Advisors LLC lifted its position in Hormel Foods by 9.9% during the first quarter. ProShare Advisors LLC now owns 5,638,546 shares of the company’s stock valued at $196,729,000 after purchasing an additional 505,942 shares during the last quarter. Mairs & Power Inc. lifted its holdings in shares of Hormel Foods by 2.0% during the 4th quarter. Mairs & Power Inc. now owns 5,459,039 shares of the company’s stock worth $175,290,000 after acquiring an additional 108,944 shares during the last quarter. Millennium Management LLC grew its position in Hormel Foods by 15.4% in the second quarter. Millennium Management LLC now owns 3,089,868 shares of the company’s stock worth $94,210,000 after acquiring an additional 412,313 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Hormel Foods by 24.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,976,257 shares of the company’s stock valued at $90,738,000 after acquiring an additional 575,378 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Hormel Foods by 97.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,900,989 shares of the company’s stock valued at $93,151,000 after purchasing an additional 1,434,437 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $32.33.

Get Our Latest Analysis on Hormel Foods

Hormel Foods Company Profile

(Get Free Report)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.

Recommended Stories