Hormel Foods Co. (NYSE:HRL) Shares Bought by Forsta AP Fonden

Forsta AP Fonden grew its position in Hormel Foods Co. (NYSE:HRL - Free Report) by 95.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,500 shares of the company's stock after purchasing an additional 28,600 shares during the quarter. Forsta AP Fonden's holdings in Hormel Foods were worth $1,854,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in Hormel Foods by 688.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company's stock valued at $26,000 after purchasing an additional 647 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Hormel Foods in the second quarter worth $34,000. Central Valley Advisors LLC acquired a new stake in Hormel Foods during the 2nd quarter worth about $37,000. Sentry Investment Management LLC purchased a new stake in Hormel Foods during the 2nd quarter valued at about $42,000. Finally, GAMMA Investing LLC increased its holdings in shares of Hormel Foods by 516.9% in the third quarter. GAMMA Investing LLC now owns 1,351 shares of the company's stock valued at $43,000 after purchasing an additional 1,132 shares during the period. Hedge funds and other institutional investors own 40.99% of the company's stock.

Hormel Foods Price Performance

Shares of NYSE HRL traded down $0.07 during midday trading on Thursday, hitting $30.55. The stock had a trading volume of 3,654,811 shares, compared to its average volume of 2,591,213. The company has a market capitalization of $16.75 billion, a PE ratio of 21.57, a P/E/G ratio of 3.07 and a beta of 0.25. The stock has a 50 day simple moving average of $31.66 and a 200-day simple moving average of $32.29. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $36.86. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL - Get Free Report) last released its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the business posted $0.40 earnings per share. The business's quarterly revenue was down 2.2% compared to the same quarter last year. On average, sell-side analysts expect that Hormel Foods Co. will post 1.58 EPS for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.282 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.13 annualized dividend and a yield of 3.69%. Hormel Foods's dividend payout ratio is presently 79.58%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Citigroup raised Hormel Foods from a "neutral" rating to a "buy" rating and increased their price objective for the company from $33.00 to $37.00 in a report on Tuesday, August 13th. BNP Paribas assumed coverage on Hormel Foods in a report on Monday, October 21st. They issued an "underperform" rating and a $28.00 price objective on the stock. Finally, Stephens assumed coverage on Hormel Foods in a report on Thursday, October 3rd. They issued an "equal weight" rating and a $31.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $31.57.

Insider Activity at Hormel Foods

In related news, VP Steven J. Lykken sold 9,800 shares of the company's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the sale, the vice president now owns 30,589 shares of the company's stock, valued at approximately $976,094.99. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the business's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the transaction, the vice president now directly owns 30,589 shares in the company, valued at $976,094.99. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Deanna T. Brady sold 51,600 shares of the business's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,400 shares of company stock valued at $2,288,338. Corporate insiders own 0.69% 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.