US Bancorp DE Sells 37,497 Shares of Hormel Foods Co. (NYSE:HRL)

US Bancorp DE lowered its holdings in Hormel Foods Co. (NYSE:HRL - Free Report) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 605,846 shares of the company's stock after selling 37,497 shares during the quarter. US Bancorp DE owned about 0.11% of Hormel Foods worth $19,205,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its holdings in shares of Hormel Foods by 688.3% in the first 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 bought a new stake in shares of Hormel Foods in the 2nd quarter worth $34,000. Central Valley Advisors LLC purchased a new stake in shares of Hormel Foods in the second quarter valued at about $37,000. GAMMA Investing LLC lifted its position in shares of Hormel Foods by 516.9% during 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 in the last quarter. Finally, Sentry Investment Management LLC purchased a new position in Hormel Foods during the second quarter worth about $42,000. Institutional investors own 40.99% of the company's stock.

Insiders Place Their Bets

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the firm's stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the transaction, the vice president now owns 30,589 shares in the company, valued at $976,094.99. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now owns 72,421 shares in the company, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the sale, the vice president now directly owns 30,589 shares of the company's stock, valued at $976,094.99. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock worth $2,288,338 over the last 90 days. Corporate insiders own 0.69% of the company's stock.

Hormel Foods Stock Performance

NYSE:HRL traded up $0.37 during trading hours on Friday, reaching $30.92. The stock had a trading volume of 1,897,317 shares, compared to its average volume of 2,600,263. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $36.86. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29. The stock has a 50 day simple moving average of $31.61 and a 200 day simple moving average of $32.24. The stock has a market cap of $16.96 billion, a P/E ratio of 21.77, a price-to-earnings-growth ratio of 3.46 and a beta of 0.26.

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

Hormel Foods Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.282 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.13 dividend on an annualized basis and a yield of 3.65%. Hormel Foods's payout ratio is 79.58%.

Wall Street Analyst Weigh In

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

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.