Hormel Foods Corporation (HRL) Stake Increased by Palisade Asset Management LLC

Palisade Asset Management LLC raised its stake in Hormel Foods Corporation (NYSE:HRL) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,170 shares of the company’s stock after buying an additional 60 shares during the period. Palisade Asset Management LLC’s holdings in Hormel Foods Corporation were worth $824,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in HRL. Canada Pension Plan Investment Board boosted its stake in Hormel Foods Corporation by 230.1% in the first quarter. Canada Pension Plan Investment Board now owns 3,822 shares of the company’s stock valued at $132,000 after buying an additional 2,664 shares during the last quarter. SRS Capital Advisors Inc. boosted its stake in Hormel Foods Corporation by 20.1% in the first quarter. SRS Capital Advisors Inc. now owns 4,299 shares of the company’s stock valued at $148,000 after buying an additional 718 shares during the last quarter. Van ECK Associates Corp boosted its stake in Hormel Foods Corporation by 7.2% in the first quarter. Van ECK Associates Corp now owns 4,387 shares of the company’s stock valued at $152,000 after buying an additional 295 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Hormel Foods Corporation by 3.3% in the first quarter. Pacer Advisors Inc. now owns 5,590 shares of the company’s stock valued at $194,000 after buying an additional 176 shares during the last quarter. Finally, Gulf International Bank UK Ltd boosted its stake in Hormel Foods Corporation by 27.5% in the first quarter. Gulf International Bank UK Ltd now owns 6,026 shares of the company’s stock valued at $208,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 38.35% of the company’s stock.

Hormel Foods Corporation (HRL) opened at 33.61 on Thursday. The company has a market capitalization of $17.76 billion, a PE ratio of 20.49 and a beta of 0.56. The stock has a 50 day moving average price of $33.67 and a 200-day moving average price of $34.68. Hormel Foods Corporation has a 52 week low of $32.26 and a 52 week high of $40.00.

Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by $0.01. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.22 billion. During the same period in the prior year, the firm posted $0.40 earnings per share. The business’s revenue was down 4.9% on a year-over-year basis. On average, equities analysts predict that Hormel Foods Corporation will post $1.66 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date of this dividend is Thursday, July 13th. Hormel Foods Corporation’s dividend payout ratio is currently 41.46%.

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Several equities research analysts have weighed in on the company. Jefferies Group LLC restated a “hold” rating and set a $34.00 target price on shares of Hormel Foods Corporation in a research note on Friday, June 30th. Zacks Investment Research upgraded Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, June 7th. BidaskClub cut Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Mizuho assumed coverage on Hormel Foods Corporation in a research note on Wednesday, June 7th. They set a “neutral” rating and a $35.00 target price for the company. Finally, Barclays PLC assumed coverage on Hormel Foods Corporation in a research note on Tuesday, June 6th. They set an “overweight” rating and a $38.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Hormel Foods Corporation currently has an average rating of “Hold” and a consensus price target of $40.27.

In other Hormel Foods Corporation news, insider Luis G. Marconi sold 1,300 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total value of $45,253.00. Following the completion of the sale, the insider now directly owns 22,532 shares of the company’s stock, valued at $784,338.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas R. Day sold 11,139 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $33.43, for a total transaction of $372,376.77. Following the completion of the sale, the insider now directly owns 24,838 shares of the company’s stock, valued at $830,334.34. The disclosure for this sale can be found here. Insiders own 3.54% of the company’s stock.

Hormel Foods Corporation Company Profile

Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corporation (NYSE:HRL).

Institutional Ownership by Quarter for Hormel Foods Corporation (NYSE:HRL)

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