Stoneridge Investment Partners LLC Has $6.33 Million Stake in Hormel Foods Corporation (HRL)
Stoneridge Investment Partners LLC increased its position in Hormel Foods Corporation (NYSE:HRL) by 79.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 185,666 shares of the company’s stock after buying an additional 82,086 shares during the period. Stoneridge Investment Partners LLC’s holdings in Hormel Foods Corporation were worth $6,333,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in HRL. Global X Management Co. LLC boosted its stake in shares of Hormel Foods Corporation by 24.1% in the second quarter. Global X Management Co. LLC now owns 17,919 shares of the company’s stock worth $611,000 after buying an additional 3,480 shares in the last quarter. HL Financial Services LLC bought a new stake in shares of Hormel Foods Corporation during the second quarter worth $558,000. Cliftonlarsonallen Wealth Advisors LLC boosted its stake in shares of Hormel Foods Corporation by 4.0% in the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 41,854 shares of the company’s stock worth $1,428,000 after buying an additional 1,621 shares in the last quarter. Advisor Partners LLC boosted its stake in shares of Hormel Foods Corporation by 10.3% in the second quarter. Advisor Partners LLC now owns 7,610 shares of the company’s stock worth $260,000 after buying an additional 713 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Hormel Foods Corporation by 6.0% in the second quarter. IFP Advisors Inc now owns 11,960 shares of the company’s stock worth $408,000 after buying an additional 680 shares in the last quarter. 38.35% of the stock is owned by institutional investors.
Hormel Foods Corporation (NYSE:HRL) opened at 33.66 on Wednesday. The stock has a 50 day moving average price of $33.69 and a 200-day moving average price of $34.75. The company has a market capitalization of $17.79 billion, a price-to-earnings ratio of 20.52 and a beta of 0.56. Hormel Foods Corporation has a 1-year low of $32.26 and a 1-year high of $40.00.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 25th. The company reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.40 by $0.01. Hormel Foods Corporation had a return on equity of 19.57% and a net margin of 9.42%. The business had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.22 billion. During the same quarter in the prior year, the company earned $0.40 earnings per share. The company’s quarterly revenue was down 4.9% on a year-over-year basis. Equities analysts predict that Hormel Foods Corporation will post $1.66 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 17th will be paid a $0.17 dividend. The ex-dividend date is Thursday, July 13th. This represents a $0.68 annualized dividend and a yield of 2.02%. Hormel Foods Corporation’s dividend payout ratio (DPR) is currently 41.46%.
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A number of brokerages have weighed in on HRL. BidaskClub cut Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $34.00 price target on shares of Hormel Foods Corporation in a research report on Friday, June 30th. Stephens reaffirmed an “overweight” rating and issued a $50.00 price target on shares of Hormel Foods Corporation in a research report on Friday, June 16th. Mizuho began coverage on Hormel Foods Corporation in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $35.00 price target for the company. Finally, Zacks Investment Research raised Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $40.27.
In related news, insider Luis G. Marconi sold 1,300 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $34.81, for a total value of $45,253.00. Following the completion of the sale, the insider now directly owns 22,532 shares in the company, valued at approximately $784,338.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas R. Day sold 11,139 shares of the firm’s stock in a transaction dated Thursday, July 6th. The shares were sold at an average price of $33.43, for a total transaction of $372,376.77. Following the completion of the sale, the insider now owns 24,838 shares of the company’s stock, valued at $830,334.34. The disclosure for this sale can be found here. Company insiders own 3.54% of the company’s stock.
About Hormel Foods Corporation
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