iA Global Asset Management Inc. Purchases 39,730 Shares of Hormel Foods Co. (NYSE:HRL)

iA Global Asset Management Inc. grew its holdings in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 18.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 257,920 shares of the company's stock after buying an additional 39,730 shares during the period. iA Global Asset Management Inc.'s holdings in Hormel Foods were worth $7,864,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in Hormel Foods by 7.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 154,437 shares of the company's stock worth $4,959,000 after purchasing an additional 11,026 shares during the period. Focus Financial Network Inc. ADV purchased a new stake in Hormel Foods in the fourth quarter worth $1,021,000. Qsemble Capital Management LP purchased a new stake in Hormel Foods in the fourth quarter worth $1,181,000. Nomura Holdings Inc. grew its stake in Hormel Foods by 4.7% in the fourth quarter. Nomura Holdings Inc. now owns 31,967 shares of the company's stock worth $1,026,000 after purchasing an additional 1,443 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in Hormel Foods in the fourth quarter worth $2,694,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Stock Up 1.1 %

Shares of NYSE HRL traded up $0.36 during trading on Friday, reaching $32.55. The company had a trading volume of 3,679,910 shares, compared to its average volume of 2,681,295. The stock has a market cap of $17.85 billion, a PE ratio of 23.25, a P/E/G ratio of 3.11 and a beta of 0.24. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $40.12. The business's 50-day moving average is $31.53 and its 200 day moving average is $32.78.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings data on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.36 by $0.02. Hormel Foods had a return on equity of 11.31% and a net margin of 6.37%. The firm had revenue of $2.89 billion for the quarter, compared to analysts' expectations of $2.97 billion. During the same period in the previous year, the firm earned $0.40 EPS. The business's quarterly revenue was down 2.9% on a year-over-year basis. As a group, equities analysts forecast that Hormel Foods Co. will post 1.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on HRL. JPMorgan Chase & Co. raised Hormel Foods from an "underweight" rating to a "neutral" rating and upped their price target for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Citigroup raised Hormel Foods from a "neutral" rating to a "buy" rating and increased their target price for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. Finally, Stephens reissued an "equal weight" rating and issued a $32.00 target price on shares of Hormel Foods in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $32.33.

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.