Hormel Foods Corp (HRL) Position Reduced by Bank of New York Mellon Corp

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Bank of New York Mellon Corp decreased its stake in Hormel Foods Corp (NYSE:HRL) by 0.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,754,918 shares of the company’s stock after selling 3,470 shares during the quarter. Bank of New York Mellon Corp’s holdings in Hormel Foods were worth $74,900,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in HRL. Enlightenment Research LLC acquired a new stake in Hormel Foods in the 4th quarter valued at $30,000. Acima Private Wealth LLC acquired a new position in Hormel Foods in the fourth quarter worth $34,000. We Are One Seven LLC acquired a new position in Hormel Foods in the fourth quarter worth $45,000. Cavalier Investments LLC acquired a new position in Hormel Foods in the fourth quarter worth $86,000. Finally, Highwater Wealth Management LLC acquired a new position in Hormel Foods in the fourth quarter worth $88,000. 43.14% of the stock is currently owned by institutional investors and hedge funds.

Shares of HRL opened at $42.70 on Friday. The company has a current ratio of 1.46, a quick ratio of 0.77 and a debt-to-equity ratio of 0.04. Hormel Foods Corp has a 12-month low of $32.42 and a 12-month high of $46.26. The firm has a market cap of $22.92 billion, a PE ratio of 22.59, a PEG ratio of 2.79 and a beta of 0.18.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, February 21st. The company reported $0.44 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.44. Hormel Foods had a return on equity of 17.58% and a net margin of 9.93%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same quarter in the prior year, the firm posted $0.56 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Research analysts anticipate that Hormel Foods Corp will post 1.83 EPS for the current fiscal year.

In other news, Director Elsa A. Murano sold 5,808 shares of the company’s stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $42.00, for a total transaction of $243,936.00. Following the transaction, the director now owns 98,565 shares of the company’s stock, valued at $4,139,730. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Glenn S. Forbes sold 4,695 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $43.00, for a total value of $201,885.00. Following the transaction, the director now directly owns 49,481 shares in the company, valued at approximately $2,127,683. The disclosure for this sale can be found here. Corporate insiders own 1.11% of the company’s stock.

A number of equities analysts have commented on the company. Credit Suisse Group set a $39.00 price objective on Hormel Foods and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Barclays set a $40.00 price objective on Hormel Foods and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Jefferies Financial Group lowered Hormel Foods from a “buy” rating to a “hold” rating and set a $44.00 price objective on the stock. in a research note on Tuesday, November 27th. Zacks Investment Research raised Hormel Foods from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research note on Thursday, February 28th. Finally, Stephens assumed coverage on Hormel Foods in a research note on Monday, March 4th. They issued an “equal weight” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $41.33.

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Hormel Foods Profile

Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.

Further Reading: What is Call Option Volume?

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

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