Qsemble Capital Management LP Makes New $1.03 Million Investment in Hormel Foods Co. (NYSE:HRL)

Qsemble Capital Management LP purchased a new position in Hormel Foods Co. (NYSE:HRL - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 32,326 shares of the company's stock, valued at approximately $1,025,000.

Other large investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Hormel Foods by 4.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company's stock worth $25,944,000 after purchasing an additional 34,589 shares during the period. Grandfield & Dodd LLC increased its position in Hormel Foods by 2.9% in the third quarter. Grandfield & Dodd LLC now owns 924,365 shares of the company's stock worth $29,302,000 after buying an additional 26,390 shares during the period. Canada Pension Plan Investment Board lifted its stake in Hormel Foods by 26.2% in the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company's stock valued at $22,418,000 after buying an additional 152,800 shares during the last quarter. Appian Way Asset Management LP acquired a new position in Hormel Foods during the 2nd quarter valued at about $11,811,000. Finally, Truist Financial Corp raised its holdings in shares of Hormel Foods by 110.8% during the second quarter. Truist Financial Corp now owns 37,228 shares of the company's stock valued at $1,135,000 after buying an additional 19,571 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Stephens assumed coverage on Hormel Foods in a research report on Thursday, October 3rd. They issued an "equal weight" rating and a $31.00 target price on the stock. Citigroup lowered their target price on shares of Hormel Foods from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, November 19th. Finally, BNP Paribas began coverage on Hormel Foods in a research report on Monday, October 21st. They issued an "underperform" rating and a $28.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $31.29.

Insider Activity

In other news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. The trade was a 20.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of the 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 sale, the vice president now directly owns 30,589 shares of the company's stock, valued at approximately $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,400 shares of company stock worth $2,288,338 over the last 90 days. 0.69% of the stock is owned by company insiders.

Hormel Foods Stock Up 0.6 %

HRL stock opened at $31.62 on Wednesday. The firm has a market cap of $17.34 billion, a PE ratio of 22.27, a P/E/G ratio of 3.33 and a beta of 0.26. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $36.86. The firm has a 50 day simple moving average of $31.01 and a 200 day simple moving average of $31.66. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03.

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

Hormel Foods Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th will be given a $0.29 dividend. This is an increase from Hormel Foods's previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, January 13th. Hormel Foods's dividend payout ratio (DPR) is 79.58%.

Hormel Foods Company 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.

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