Hormel Foods Co. (NYSE:HRL) Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lessened its position in shares of Hormel Foods Co. (NYSE:HRL) by 36.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,735 shares of the company’s stock after selling 31,856 shares during the period. Fisher Asset Management LLC’s holdings in Hormel Foods were worth $1,767,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of HRL. EverSource Wealth Advisors LLC lifted its position in shares of Hormel Foods by 688.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after purchasing an additional 647 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Hormel Foods in the second quarter valued at $34,000. Central Valley Advisors LLC purchased a new stake in Hormel Foods during the 2nd quarter worth about $37,000. Prospera Private Wealth LLC acquired a new position in shares of Hormel Foods during the 3rd quarter worth about $39,000. Finally, Sentry Investment Management LLC purchased a new position in shares of Hormel Foods in the 2nd quarter valued at about $42,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on HRL shares. Stephens initiated coverage on Hormel Foods in a report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price target for the company. BNP Paribas began coverage on shares of Hormel Foods in a report on Monday, October 21st. They issued an “underperform” rating and a $28.00 target price for the company. Finally, Citigroup cut their price target on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.29.

Insider Buying and Selling

In other news, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction that occurred on 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 $976,094.99. This trade represents a 24.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the transaction, the executive vice president now directly owns 72,421 shares in the company, valued at $2,313,850.95. This represents a 41.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,400 shares of company stock valued at $2,288,338 over the last three months. 0.69% of the stock is currently owned by company insiders.

Hormel Foods Stock Up 1.6 %

Shares of NYSE:HRL opened at $32.44 on Friday. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $36.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The stock has a market cap of $17.79 billion, a P/E ratio of 22.85, a P/E/G ratio of 3.38 and a beta of 0.26. The firm has a fifty day moving average price of $31.01 and a 200 day moving average price of $31.64.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. The business had revenue of $2.90 billion during the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Sell-side analysts predict that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Monday, January 13th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s dividend payout ratio is 79.58%.

Hormel Foods Company Profile

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.