State Street Corp Has $794.66 Million Stock Position in Hormel Foods Co. (NYSE:HRL)

State Street Corp increased its position in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 2.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,068,102 shares of the company's stock after purchasing an additional 617,308 shares during the period. State Street Corp owned 4.57% of Hormel Foods worth $794,659,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Empower Advisory Group LLC grew its holdings in Hormel Foods by 3.7% during the third quarter. Empower Advisory Group LLC now owns 9,649 shares of the company's stock worth $306,000 after acquiring an additional 342 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in shares of Hormel Foods by 1.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 31,499 shares of the company's stock worth $959,000 after purchasing an additional 384 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Hormel Foods by 4.0% during the third quarter. Quantinno Capital Management LP now owns 11,156 shares of the company's stock worth $354,000 after buying an additional 424 shares in the last quarter. Captrust Financial Advisors grew its position in Hormel Foods by 3.5% in the third quarter. Captrust Financial Advisors now owns 13,690 shares of the company's stock worth $434,000 after buying an additional 459 shares during the last quarter. Finally, Keynote Financial Services LLC increased its holdings in shares of Hormel Foods by 3.7% in the third quarter. Keynote Financial Services LLC now owns 13,202 shares of the company's stock valued at $419,000 after buying an additional 472 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Hormel Foods Stock Down 1.2 %

HRL stock traded down $0.39 during midday trading on Friday, reaching $32.47. The company had a trading volume of 2,147,634 shares, compared to its average volume of 2,504,753. The company has a 50 day moving average of $31.09 and a two-hundred day moving average of $31.47. The company has a market capitalization of $17.81 billion, a P/E ratio of 22.24, a PEG ratio of 3.41 and a beta of 0.26. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $36.86. The company has a current ratio of 2.32, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL - Get Free Report) last announced its quarterly earnings data on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.01). Hormel Foods had a return on equity of 10.95% and a net margin of 6.75%. The firm had revenue of $3.14 billion for the quarter, compared to analysts' expectations of $3.14 billion. During the same quarter in the prior year, the business posted $0.42 earnings per share. Hormel Foods's revenue was down 1.9% on a year-over-year basis. On average, equities research analysts expect that Hormel Foods Co. will post 1.66 earnings per share for the current fiscal year.

Hormel Foods Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.57%. This is an increase from Hormel Foods's previous quarterly dividend of $0.28. The ex-dividend date is Monday, January 13th. Hormel Foods's payout ratio is currently 77.40%.

Insider Transactions at Hormel Foods

In other news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares of the company's stock, valued at $1,276,935. This trade represents a 20.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the company's stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company's stock, valued at approximately $2,313,850.95. This represents a 41.61 % decrease in their ownership of the stock. 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 in the last 90 days. 0.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup cut their target price on Hormel Foods from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, November 19th. BNP Paribas assumed coverage on shares of Hormel Foods in a research note on Monday, October 21st. They set an "underperform" rating and a $28.00 price objective for the company. Finally, Stephens started coverage on shares of Hormel Foods in a report on Thursday, October 3rd. They set an "equal weight" rating and a $31.00 price target on the stock. Two investment 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, the stock presently has a consensus rating of "Hold" and an average target price of $31.29.

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.