Verition Fund Management LLC Takes $2.38 Million Position in Hormel Foods Co. (NYSE:HRL)

Verition Fund Management LLC acquired a new stake in shares of Hormel Foods Co. (NYSE:HRL - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 75,000 shares of the company's stock, valued at approximately $2,378,000.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC grew its position in Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company's stock worth $26,000 after purchasing an additional 647 shares during the last quarter. Brooklyn Investment Group bought a new position in shares of Hormel Foods in the third quarter worth $32,000. International Assets Investment Management LLC acquired a new position in shares of Hormel Foods during the second quarter valued at $34,000. Central Valley Advisors LLC bought a new stake in shares of Hormel Foods during the second quarter valued at about $37,000. Finally, Prospera Private Wealth LLC acquired a new stake in Hormel Foods in the third quarter worth about $39,000. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Stock Performance

Hormel Foods stock traded down $0.40 during mid-day trading on Friday, reaching $32.46. The company had a trading volume of 2,147,632 shares, compared to its average volume of 2,598,719. The company has a 50 day moving average of $31.08 and a 200-day moving average of $31.54. The firm has a market cap of $17.80 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 3.39 and a beta of 0.26. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $36.86.

Hormel Foods (NYSE:HRL - Get Free Report) last posted its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.01). The business had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.14 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The firm's quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. On average, sell-side analysts expect that Hormel Foods Co. will post 1.58 EPS 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 paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Monday, January 13th. This is an increase from Hormel Foods's previous quarterly dividend of $0.28. Hormel Foods's payout ratio is currently 79.58%.

Insider Transactions at Hormel Foods

In other news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the sale, the vice president now owns 30,589 shares in the company, valued at approximately $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the completion of the transaction, the senior vice president now directly owns 39,050 shares of the company's stock, valued at $1,276,935. This represents a 20.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.