Zurcher Kantonalbank Zurich Cantonalbank Sells 38,185 Shares of Hormel Foods Co. (NYSE:HRL)

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Hormel Foods Co. (NYSE:HRL - Free Report) by 24.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,899 shares of the company's stock after selling 38,185 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Hormel Foods were worth $3,698,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Harbour Investments Inc. boosted its position in Hormel Foods by 485.0% during the 3rd quarter. Harbour Investments Inc. now owns 19,169 shares of the company's stock worth $608,000 after buying an additional 15,892 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Hormel Foods by 4.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company's stock valued at $25,944,000 after acquiring an additional 34,589 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Hormel Foods by 8.7% in the third quarter. Victory Capital Management Inc. now owns 908,086 shares of the company's stock worth $28,786,000 after acquiring an additional 72,941 shares in the last quarter. Empower Advisory Group LLC increased its holdings in shares of Hormel Foods by 3.7% during the third quarter. Empower Advisory Group LLC now owns 9,649 shares of the company's stock valued at $306,000 after acquiring an additional 342 shares in the last quarter. Finally, MQS Management LLC acquired a new position in shares of Hormel Foods during the third quarter worth approximately $213,000. 40.99% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Analyst Ratings Changes

A number of brokerages have recently issued reports on HRL. Stephens reiterated an "equal weight" rating and set a $31.00 price objective on shares of Hormel Foods in a report on Tuesday, February 18th. Barclays upgraded Hormel Foods from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 22nd. Finally, Citigroup decreased their price target on Hormel Foods from $36.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $31.80.

Hormel Foods Price Performance

NYSE:HRL traded down $0.20 during mid-day trading on Wednesday, reaching $29.75. The stock had a trading volume of 1,747,674 shares, compared to its average volume of 2,940,031. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. The stock has a market capitalization of $16.36 billion, a P/E ratio of 20.37, a P/E/G ratio of 2.73 and a beta of 0.21. The firm has a 50 day moving average price of $29.57 and a two-hundred day moving average price of $30.80. Hormel Foods Co. has a one year low of $27.59 and a one year high of $36.86.

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.