Daiwa Securities Group Inc. increased its position in shares of Hormel Foods Corp. (NYSE:HRL) by 23.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,000 shares of the company’s stock after buying an additional 8,800 shares during the period. Daiwa Securities Group Inc.’s holdings in Hormel Foods Corp. were worth $1,720,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. raised its stake in Hormel Foods Corp. by 5.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 30,986 shares of the company’s stock worth $1,225,000 after buying an additional 1,710 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Hormel Foods Corp. by 109.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 228,126 shares of the company’s stock worth $9,864,000 after buying an additional 119,140 shares during the last quarter. Capstone Asset Management Co. raised its stake in Hormel Foods Corp. by 82.7% in the first quarter. Capstone Asset Management Co. now owns 57,616 shares of the company’s stock worth $2,491,000 after buying an additional 26,088 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in Hormel Foods Corp. during the first quarter worth about $264,000. Finally, Texas Permanent School Fund raised its stake in Hormel Foods Corp. by 95.9% in the first quarter. Texas Permanent School Fund now owns 93,187 shares of the company’s stock worth $4,029,000 after buying an additional 45,627 shares during the last quarter. Institutional investors own 34.10% of the company’s stock.
Shares of Hormel Foods Corp. (NYSE:HRL) traded up 0.32% during midday trading on Friday, reaching $37.87. The company had a trading volume of 2,226,116 shares. The firm has a market capitalization of $20.04 billion, a price-to-earnings ratio of 24.59 and a beta of 0.56. Hormel Foods Corp. has a 52 week low of $30.50 and a 52 week high of $45.72. The stock has a 50-day moving average of $37.37 and a 200 day moving average of $38.03.
Hormel Foods Corp. (NYSE:HRL) last announced its earnings results on Thursday, August 18th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the firm earned $0.28 EPS. Hormel Foods Corp.’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, analysts anticipate that Hormel Foods Corp. will post $1.63 earnings per share for the current year.
HRL has been the topic of a number of analyst reports. Jefferies Group reiterated a “hold” rating and set a $34.00 price objective on shares of Hormel Foods Corp. in a research note on Tuesday, June 7th. Deutsche Bank AG reiterated a “hold” rating and set a $38.00 price objective on shares of Hormel Foods Corp. in a research note on Tuesday, August 16th. BMO Capital Markets upgraded Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 target price for the company in a research report on Friday, August 19th. Credit Suisse Group AG upgraded Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $38.00 to $43.00 in a research report on Monday, August 22nd. Finally, Zacks Investment Research upgraded Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research report on Tuesday, August 23rd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $40.10.
In related news, Director Dakota A. Pippins sold 5,000 shares of the firm’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $36.74, for a total value of $183,700.00. Following the transaction, the director now directly owns 96,416 shares of the company’s stock, valued at approximately $3,542,323.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.54% of the stock is owned by corporate insiders.
Hormel Foods Corp. Company Profile
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