Mirae Asset Global Investments Co. Ltd. Acquires 152,367 Shares of Hormel Foods Corporation $HRL

Mirae Asset Global Investments Co. Ltd. purchased a new position in Hormel Foods Corporation (NYSE:HRL) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 152,367 shares of the company’s stock, valued at approximately $3,038,000.

Other large investors have also recently made changes to their positions in the company. SlateStone Wealth LLC lifted its stake in Hormel Foods by 2.3% in the 2nd quarter. SlateStone Wealth LLC now owns 17,890 shares of the company’s stock valued at $444,000 after buying an additional 400 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Hormel Foods by 1.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 39,005 shares of the company’s stock valued at $968,000 after acquiring an additional 427 shares during the last quarter. Raiffeisen Bank International AG lifted its position in Hormel Foods by 90.7% during the second quarter. Raiffeisen Bank International AG now owns 986 shares of the company’s stock worth $26,000 after buying an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Hormel Foods by 2.1% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 23,871 shares of the company’s stock valued at $592,000 after acquiring an additional 497 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Hormel Foods by 57.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,455 shares of the company’s stock valued at $33,000 after buying an additional 531 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

Shares of NYSE HRL traded down $0.65 on Friday, hitting $21.95. The company’s stock had a trading volume of 5,874,949 shares, compared to its average volume of 5,515,812. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 0.92. The stock has a 50 day moving average of $20.68 and a 200-day moving average of $22.80. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 34.84, a price-to-earnings-growth ratio of 2.44 and a beta of 0.27. Hormel Foods Corporation has a 12-month low of $18.96 and a 12-month high of $26.60.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.03 billion. Hormel Foods had a return on equity of 9.91% and a net margin of 2.82%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.35 EPS. As a group, research analysts predict that Hormel Foods Corporation will post 1.48 EPS for the current year.

Hormel Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Tuesday, October 13th will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.3%. Hormel Foods’s dividend payout ratio is currently 185.71%.

Analyst Upgrades and Downgrades

HRL has been the subject of a number of recent analyst reports. Piper Sandler reissued a “neutral” rating on shares of Hormel Foods in a research report on Tuesday, October 6th. Barclays reiterated an “overweight” rating and issued a $28.00 target price (down from $30.00) on shares of Hormel Foods in a report on Wednesday, October 14th. BNP Paribas Exane reiterated a “neutral” rating and set a $23.00 target price (down from $26.00) on shares of Hormel Foods in a research note on Wednesday, October 7th. JPMorgan Chase & Co. lifted their price target on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Finally, Stephens set a $23.00 price target on shares of Hormel Foods in a research report on Friday, August 28th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.43.

Insider Buying and Selling at Hormel Foods

In related news, Chairman William A. Newlands purchased 10,000 shares of the firm’s stock in a transaction on Monday, October 5th. The shares were bought at an average price of $20.10 per share, for a total transaction of $201,000.00. Following the acquisition, the chairman directly owned 76,375 shares in the company, valued at $1,535,137.50. This trade represents a 15.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.58% of the stock is currently owned by company insiders.

Hormel Foods Profile

Hormel Foods Corporation (NYSE: HRL) is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.