Renaissance Technologies LLC Has $43.55 Million Stake in Hormel Foods Co. (NYSE:HRL)

Renaissance Technologies LLC lowered its stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 10.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,388,125 shares of the company's stock after selling 156,562 shares during the period. Renaissance Technologies LLC owned approximately 0.25% of Hormel Foods worth $43,545,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank bought a new stake in Hormel Foods in the 4th quarter worth approximately $102,598,000. Bank of New York Mellon Corp grew its stake in shares of Hormel Foods by 67.1% during the fourth quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company's stock worth $91,810,000 after acquiring an additional 1,175,087 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Hormel Foods by 7.3% during the fourth quarter. Invesco Ltd. now owns 7,843,207 shares of the company's stock worth $246,041,000 after buying an additional 533,657 shares during the period. Van ECK Associates Corp purchased a new stake in Hormel Foods during the 4th quarter valued at about $16,612,000. Finally, Trexquant Investment LP acquired a new stake in Hormel Foods during the 4th quarter valued at approximately $10,684,000. 40.99% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of the stock in a transaction on Thursday, March 27th. The shares were sold at an average price of $30.40, for a total value of $136,800.00. Following the completion of the sale, the director now owns 95,488 shares in the company, valued at $2,902,835.20. This trade represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.72% of the company's stock.

Hormel Foods Stock Performance

HRL stock traded up $0.02 during mid-day trading on Wednesday, reaching $30.40. 322,722 shares of the stock traded hands, compared to its average volume of 2,567,910. The firm has a market capitalization of $16.72 billion, a PE ratio of 20.82, a P/E/G ratio of 2.73 and a beta of 0.31. 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 Co. has a 52 week low of $27.59 and a 52 week high of $36.86. The business has a 50-day moving average of $29.52 and a two-hundred day moving average of $30.53.

Hormel Foods Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, April 14th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date of this dividend is Monday, April 14th. Hormel Foods's dividend payout ratio is currently 84.67%.

Analyst Ratings Changes

Several research firms recently commented on HRL. Bank of America raised Hormel Foods from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $29.00 to $35.00 in a research note on Tuesday. Stephens reiterated an "equal weight" rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Tuesday, February 18th. Finally, Barclays upgraded Hormel Foods from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $32.33.

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.