DnB Asset Management AS Raises Stock Position in Hormel Foods Co. (NYSE:HRL)

DnB Asset Management AS lifted its stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 14.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,010 shares of the company's stock after purchasing an additional 9,120 shares during the period. DnB Asset Management AS's holdings in Hormel Foods were worth $2,228,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Orion Portfolio Solutions LLC lifted its holdings in Hormel Foods by 6.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 108,539 shares of the company's stock valued at $3,405,000 after purchasing an additional 6,097 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Hormel Foods by 8.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 176,777 shares of the company's stock valued at $5,545,000 after buying an additional 14,503 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Hormel Foods by 11.4% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,348,155 shares of the company's stock worth $42,292,000 after buying an additional 138,193 shares in the last quarter. Norges Bank acquired a new position in Hormel Foods during the fourth quarter worth about $102,598,000. Finally, Blair William & Co. IL grew its stake in Hormel Foods by 26.9% during the 4th quarter. Blair William & Co. IL now owns 10,764 shares of the company's stock valued at $338,000 after acquiring an additional 2,281 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company's stock.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the sale, the director now directly owns 95,488 shares in the company, valued at $2,902,835.20. This trade represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.72% of the company's stock.

Hormel Foods Trading Down 2.2 %

Shares of Hormel Foods stock traded down $0.68 during mid-day trading on Friday, hitting $30.76. The stock had a trading volume of 4,262,147 shares, compared to its average volume of 2,540,455. The firm has a market cap of $16.92 billion, a P/E ratio of 21.07, a price-to-earnings-growth ratio of 2.73 and a beta of 0.31. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average of $29.55 and a two-hundred day moving average of $30.62. Hormel Foods Co. has a 12-month low of $27.59 and a 12-month high of $36.86.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, April 14th will be paid a dividend of $0.29 per share. The ex-dividend date is Monday, April 14th. This represents a $1.16 annualized dividend and a yield of 3.77%. Hormel Foods's dividend payout ratio (DPR) is 84.67%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Stephens restated an "equal weight" rating and set a $31.00 target price on shares of Hormel Foods in a report on Tuesday, February 18th. Barclays raised Hormel Foods from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $31.80.

About Hormel Foods

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.