9,494 Shares in Hormel Foods Corp. (HRL) Acquired by ING Groep NV
ING Groep NV purchased a new stake in Hormel Foods Corp. (NYSE:HRL) during the second quarter, Holdings Channel reports. The fund purchased 9,494 shares of the company’s stock, valued at approximately $348,000.
Several other hedge funds have also recently added to or reduced their stakes in HRL. Teachers Advisors Inc. boosted its stake in Hormel Foods Corp. by 160.8% in the first quarter. Teachers Advisors Inc. now owns 444,129 shares of the company’s stock valued at $19,204,000 after buying an additional 273,838 shares during the period. Prudential Financial Inc. boosted its stake in Hormel Foods Corp. by 97.7% in the first quarter. Prudential Financial Inc. now owns 358,382 shares of the company’s stock valued at $15,497,000 after buying an additional 177,126 shares during the period. BlackRock Group LTD boosted its stake in Hormel Foods Corp. by 86.1% in the first quarter. BlackRock Group LTD now owns 2,781,230 shares of the company’s stock valued at $120,262,000 after buying an additional 1,286,981 shares during the period. BlackRock Fund Advisors boosted its stake in Hormel Foods Corp. by 98.5% in the first quarter. BlackRock Fund Advisors now owns 4,600,091 shares of the company’s stock valued at $198,908,000 after buying an additional 2,282,648 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Hormel Foods Corp. by 73.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,305,830 shares of the company’s stock valued at $315,904,000 after buying an additional 3,100,653 shares during the period. Institutional investors own 34.09% of the company’s stock.
Shares of Hormel Foods Corp. (NYSE:HRL) traded up 0.82% during trading on Wednesday, hitting $38.11. The stock had a trading volume of 1,553,607 shares. Hormel Foods Corp. has a 52 week low of $32.05 and a 52 week high of $45.72. The firm has a 50 day moving average price of $37.60 and a 200-day moving average price of $37.47. The stock has a market capitalization of $20.17 billion, a price-to-earnings ratio of 24.75 and a beta of 0.57.
Hormel Foods Corp. (NYSE:HRL) last announced its quarterly earnings data on Thursday, August 18th. The company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.01. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.26 billion. Hormel Foods Corp. had a return on equity of 20.06% and a net margin of 8.96%. Hormel Foods Corp.’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm posted $0.28 EPS. On average, equities research analysts forecast that Hormel Foods Corp. will post $1.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Monday, October 24th will be issued a dividend of $0.145 per share. The ex-dividend date is Thursday, October 20th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 1.52%. Hormel Foods Corp.’s dividend payout ratio is 37.79%.
HRL has been the topic of several research reports. Jefferies Group boosted their price target on Hormel Foods Corp. from $34.00 to $38.00 and gave the stock a “hold” rating in a report on Wednesday, July 27th. Deutsche Bank AG reiterated a “hold” rating and issued a $38.00 target price on shares of Hormel Foods Corp. in a report on Tuesday, August 16th. BMO Capital Markets upgraded Hormel Foods Corp. from a “market perform” rating to an “outperform” rating and set a $44.00 target price on the stock in a report on Friday, August 19th. Credit Suisse Group AG upgraded Hormel Foods Corp. from a “neutral” rating to an “outperform” rating and upped their target price for the company from $38.00 to $43.00 in a report on Monday, August 22nd. Finally, Zacks Investment Research upgraded Hormel Foods Corp. from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Tuesday, August 23rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $40.10.
In other Hormel Foods Corp. news, VP Brian Dean Johnson sold 3,500 shares of Hormel Foods Corp. stock in a transaction that occurred on Tuesday, September 27th. The stock was sold at an average price of $38.00, for a total value of $133,000.00. Following the transaction, the vice president now directly owns 26,119 shares of the company’s stock, valued at approximately $992,522. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.54% of the company’s stock.
Hormel Foods Corp. Company Profile
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