RIA Advisory Group LLC Acquires New Position in Hormel Foods Co. (NYSE:HRL)

RIA Advisory Group LLC acquired a new stake in shares of Hormel Foods Co. (NYSE:HRL) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,667 shares of the company’s stock, valued at approximately $86,000.

Other large investors have also modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Hormel Foods by 30.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,273 shares of the company’s stock valued at $467,000 after purchasing an additional 2,867 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Hormel Foods by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,626,471 shares of the company’s stock valued at $61,855,000 after purchasing an additional 35,731 shares in the last quarter. Mirabella Financial Services LLP bought a new stake in shares of Hormel Foods in the 3rd quarter valued at about $1,164,000. Stifel Financial Corp raised its holdings in shares of Hormel Foods by 7.2% in the 3rd quarter. Stifel Financial Corp now owns 2,510,004 shares of the company’s stock valued at $95,455,000 after purchasing an additional 167,920 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Hormel Foods in the 3rd quarter valued at about $1,537,000. Institutional investors own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on HRL. Citigroup began coverage on shares of Hormel Foods in a report on Thursday, February 1st. They issued a “neutral” rating and a $31.00 price target for the company. Barclays boosted their target price on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their target price on shares of Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. Piper Sandler boosted their target price on shares of Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, January 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Hormel Foods from $27.00 to $28.00 and gave the stock an “underweight” rating in a research report on Friday, March 1st. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $31.00.

Hormel Foods Stock Up 1.1 %

HRL stock opened at $34.75 on Friday. The firm’s fifty day simple moving average is $33.21 and its 200-day simple moving average is $32.47. The company has a market capitalization of $19.03 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 3.31 and a beta of 0.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.49 and a quick ratio of 0.79. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Thursday, February 29th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the prior year, the firm posted $0.40 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, equities research analysts forecast that Hormel Foods Co. will post 1.59 earnings per share for the current year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be given a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio is presently 77.40%.

Insiders Place Their Bets

In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares in the company, valued at $2,325,231.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the completion of the transaction, the vice president now directly owns 68,029 shares in the company, valued at $2,325,231.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,800 shares of company stock worth $1,414,872. Company insiders own 0.69% of the company’s stock.

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.