Maridea Wealth Management LLC Acquires New Holdings in Hormel Foods Co. (NYSE:HRL)

Maridea Wealth Management LLC acquired a new position in Hormel Foods Co. (NYSE:HRL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 14,388 shares of the company's stock, valued at approximately $451,000.

Other hedge funds have also modified their holdings of the company. Greenleaf Trust increased its position in Hormel Foods by 4.4% in the fourth quarter. Greenleaf Trust now owns 8,029 shares of the company's stock worth $252,000 after purchasing an additional 336 shares during the last quarter. CFS Investment Advisory Services LLC increased its holdings in shares of Hormel Foods by 2.8% in the 4th quarter. CFS Investment Advisory Services LLC now owns 13,445 shares of the company's stock worth $422,000 after buying an additional 360 shares during the last quarter. Empower Advisory Group LLC increased its position in shares of Hormel Foods by 4.0% during the 4th quarter. Empower Advisory Group LLC now owns 10,038 shares of the company's stock valued at $315,000 after purchasing an additional 389 shares during the last quarter. New Century Financial Group LLC lifted its position in Hormel Foods by 6.2% in the fourth quarter. New Century Financial Group LLC now owns 6,738 shares of the company's stock worth $211,000 after buying an additional 392 shares during the last quarter. Finally, MML Investors Services LLC boosted its stake in Hormel Foods by 4.8% during the third quarter. MML Investors Services LLC now owns 9,108 shares of the company's stock worth $289,000 after buying an additional 416 shares during the period. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Trading Up 2.2 %

HRL stock traded up $0.66 during trading on Thursday, hitting $31.28. The company had a trading volume of 971,587 shares, compared to its average volume of 2,523,700. Hormel Foods Co. has a 52-week low of $27.59 and a 52-week high of $36.86. The company has a 50 day simple moving average of $29.54 and a 200-day simple moving average of $30.65. The firm has a market capitalization of $17.20 billion, a P/E ratio of 21.42, a PEG ratio of 2.73 and a beta of 0.21. The company has a quick ratio of 1.19, a current ratio of 2.32 and a debt-to-equity ratio of 0.36.

Hormel Foods Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders 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 dividend yield of 3.71%. The ex-dividend date of this dividend is Monday, April 14th. Hormel Foods's dividend payout ratio is presently 84.67%.

Analyst Ratings Changes

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

Insider Activity

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction on Thursday, March 27th. The stock was 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 of the company's stock, valued at $2,902,835.20. The trade was a 4.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

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.