KLP Kapitalforvaltning AS Acquires New Holdings in Hormel Foods Co. (NYSE:HRL)

KLP Kapitalforvaltning AS acquired a new position in shares of Hormel Foods Co. (NYSE:HRL - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 102,848 shares of the company's stock, valued at approximately $3,226,000.

Several other hedge funds have also recently bought and sold shares of the stock. Crews Bank & Trust acquired a new stake in Hormel Foods during the 4th quarter worth approximately $25,000. Brooklyn Investment Group acquired a new stake in shares of Hormel Foods during the third quarter worth $32,000. Fairway Wealth LLC bought a new stake in shares of Hormel Foods in the fourth quarter valued at about $44,000. Capital Advisors Ltd. LLC boosted its position in shares of Hormel Foods by 86.9% in the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company's stock valued at $47,000 after acquiring an additional 690 shares during the period. Finally, Lindbrook Capital LLC increased its position in Hormel Foods by 91.8% during the fourth quarter. Lindbrook Capital LLC now owns 1,523 shares of the company's stock worth $48,000 after acquiring an additional 729 shares during the period. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Price Performance

HRL stock traded up $0.04 during mid-day trading on Friday, hitting $30.36. The stock had a trading volume of 2,168,312 shares, compared to its average volume of 2,537,270. The firm has a fifty day simple moving average of $29.52 and a 200 day simple moving average of $30.67. Hormel Foods Co. has a 52 week low of $27.59 and a 52 week high of $36.86. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $16.70 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.73 and a beta of 0.21.

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Hormel Foods Announces Dividend

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. This represents a $1.16 annualized dividend and a yield of 3.82%. The ex-dividend date of this dividend is Monday, April 14th. Hormel Foods's payout ratio is presently 84.67%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barclays raised shares of Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Stephens reiterated an "equal weight" rating and issued a $31.00 price target on shares of Hormel Foods in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Hormel Foods has a consensus rating of "Hold" and a consensus price target of $31.80.

Hormel Foods 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.