Allstate Corp Purchases New Stake in Hormel Foods Co. (NYSE:HRL)

Allstate Corp acquired a new position in shares of Hormel Foods Co. (NYSE:HRL) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,076 shares of the company’s stock, valued at approximately $285,000.

Several other hedge funds have also recently bought and sold shares of the company. Greenleaf Trust lifted its holdings in shares of Hormel Foods by 4.4% during the 4th quarter. Greenleaf Trust now owns 8,029 shares of the company’s stock worth $252,000 after acquiring an additional 336 shares during the period. CFS Investment Advisory Services LLC lifted its stake in Hormel Foods by 2.8% during the fourth quarter. CFS Investment Advisory Services LLC now owns 13,445 shares of the company’s stock worth $422,000 after purchasing an additional 360 shares during the last quarter. Empower Advisory Group LLC boosted its holdings in shares of Hormel Foods by 4.0% in the 4th quarter. Empower Advisory Group LLC now owns 10,038 shares of the company’s stock valued at $315,000 after purchasing an additional 389 shares in the last quarter. New Century Financial Group LLC increased its stake in shares of Hormel Foods by 6.2% in the 4th quarter. New Century Financial Group LLC now owns 6,738 shares of the company’s stock valued at $211,000 after purchasing an additional 392 shares during the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of Hormel Foods by 4.8% during the 3rd quarter. MML Investors Services LLC now owns 9,108 shares of the company’s stock worth $289,000 after buying an additional 416 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Elsa A. Murano sold 4,500 shares of the business’s stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the sale, the director now owns 95,488 shares of the company’s stock, valued at $2,902,835.20. The trade was a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on HRL. Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Stephens reaffirmed an “equal weight” rating and set a $31.00 price target on shares of Hormel Foods in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus target price of $31.80.

Hormel Foods Price Performance

Hormel Foods stock opened at $30.63 on Thursday. The company has a market capitalization of $16.84 billion, a PE ratio of 20.98, a P/E/G ratio of 2.73 and a beta of 0.21. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The stock has a 50-day moving average price of $29.54 and a two-hundred day moving average price of $30.65. Hormel Foods Co. has a 12 month low of $27.59 and a 12 month high of $36.86.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, April 14th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, April 14th. This represents a $1.16 annualized dividend and a yield of 3.79%. Hormel Foods’s dividend payout ratio is presently 84.67%.

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.