Sumitomo Mitsui Trust Group Inc. Buys 111,454 Shares of Hormel Foods Co. (NYSE:HRL)

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) by 13.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 929,871 shares of the company's stock after acquiring an additional 111,454 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of Hormel Foods worth $29,170,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in HRL. Crews Bank & Trust acquired a new stake in shares of Hormel Foods in the 4th quarter worth approximately $25,000. Brooklyn Investment Group acquired a new stake in shares of Hormel Foods in the 3rd quarter worth approximately $32,000. Prospera Private Wealth LLC acquired a new stake in shares of Hormel Foods in the 3rd quarter worth approximately $39,000. GAMMA Investing LLC grew its holdings in shares of Hormel Foods by 516.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,351 shares of the company's stock worth $43,000 after acquiring an additional 1,132 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Hormel Foods during the 3rd quarter valued at $47,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Stock Down 0.3 %

Shares of Hormel Foods stock traded down $0.08 on Friday, hitting $28.47. 2,791,084 shares of the company traded hands, compared to its average volume of 2,903,554. The company has a 50-day moving average price of $30.75 and a 200 day moving average price of $31.27. 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 12-month low of $28.27 and a 12-month high of $36.86. The company has a market cap of $15.63 billion, a PE ratio of 19.50, a PEG ratio of 2.74 and a beta of 0.26.

Hormel Foods (NYSE:HRL - Get Free Report) last released 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 net margin of 6.75% and a return on equity of 10.95%. The business had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the firm posted $0.42 EPS. The firm's revenue for the quarter was down 1.9% on a year-over-year basis. Sell-side analysts predict that Hormel Foods Co. will post 1.66 earnings per share for the current year.

Hormel Foods Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, January 13th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.08%. This is a positive change from Hormel Foods's previous quarterly dividend of $0.28. Hormel Foods's dividend payout ratio is currently 79.45%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Citigroup reduced their price target on Hormel Foods from $36.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, November 19th. BNP Paribas initiated coverage on Hormel Foods in a research report on Monday, October 21st. They issued an "underperform" rating and a $28.00 price objective on the stock. Finally, Barclays upgraded Hormel Foods from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Hormel Foods has an average rating of "Hold" and an average price target of $31.17.

Insider Activity

In related news, VP Steven J. Lykken acquired 4,904 shares of the business's stock in a transaction dated Friday, December 6th. The stock was acquired at an average price of $32.47 per share, with a total value of $159,232.88. Following the completion of the transaction, the vice president now owns 7,100 shares of the company's stock, valued at approximately $230,537. This represents a 223.32 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.72% of the stock is owned by company insiders.

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.