Element Capital Management LLC Acquires Shares of 113,900 Hormel Foods Corporation $HRL

Element Capital Management LLC bought a new position in Hormel Foods Corporation (NYSE:HRL) during the second quarter, HoldingsChannel.com reports. The fund bought 113,900 shares of the company’s stock, valued at approximately $2,827,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MUFG Securities EMEA plc bought a new position in shares of Hormel Foods in the second quarter worth about $26,000. Strive Financial Group LLC bought a new stake in Hormel Foods during the 4th quarter valued at about $27,000. Motiv8 Investments LLC purchased a new stake in Hormel Foods in the 4th quarter valued at about $28,000. Fiduciary Financial Advisors bought a new position in Hormel Foods in the 2nd quarter worth about $29,000. Finally, Parkside Financial Bank & Trust grew its stake in Hormel Foods by 354.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after acquiring an additional 1,025 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on HRL shares. BNP Paribas Exane lifted their price target on shares of Hormel Foods from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a report on Thursday, May 21st. JPMorgan Chase & Co. lifted their target price on Hormel Foods from $25.00 to $26.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Bank of America raised their price target on Hormel Foods from $25.00 to $27.00 and gave the company a “neutral” rating in a research note on Tuesday, June 30th. Finally, Stephens restated an “equal weight” rating and issued a $25.00 price objective on shares of Hormel Foods in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.57.

Insider Buying and Selling at Hormel Foods

In other news, Director Gary C. Bhojwani sold 20,200 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the sale, the director directly owned 32,002 shares in the company, valued at approximately $784,369.02. This trade represents a 38.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.58% of the company’s stock.

Hormel Foods Trading Down 1.4%

HRL opened at $23.76 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. The firm has a market cap of $13.08 billion, a price-to-earnings ratio of 27.95, a PEG ratio of 2.77 and a beta of 0.34. Hormel Foods Corporation has a 12 month low of $19.70 and a 12 month high of $29.10. The stock has a fifty day moving average price of $24.88 and a 200-day moving average price of $23.42.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.05. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter last year, the company earned $0.35 earnings per share. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Hormel Foods Corporation will post 1.5 earnings per share for the current fiscal year.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.