BB&T Investment Services Inc. acquired a new position in Hormel Foods Corporation (NYSE:HRL) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,350 shares of the company’s stock, valued at approximately $118,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Acrospire Investment Management LLC bought a new stake in Hormel Foods Corporation in the 2nd quarter worth approximately $111,000. Van ECK Associates Corp grew its position in Hormel Foods Corporation by 7.2% in the 1st quarter. Van ECK Associates Corp now owns 4,387 shares of the company’s stock worth $152,000 after purchasing an additional 295 shares during the period. Bronfman E.L. Rothschild L.P. grew its position in Hormel Foods Corporation by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock worth $163,000 after purchasing an additional 19 shares during the period. Penserra Capital Management LLC bought a new stake in Hormel Foods Corporation in the 2nd quarter worth approximately $189,000. Finally, Ridgewood Investments LLC bought a new stake in Hormel Foods Corporation in the 2nd quarter worth approximately $203,000. Institutional investors own 38.95% of the company’s stock.

In related news, Director Dakota A. Pippins sold 4,000 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $31.60, for a total transaction of $126,400.00. Following the completion of the transaction, the director now owns 92,377 shares of the company’s stock, valued at $2,919,113.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP James N. Sheehan sold 35,704 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $30.87, for a total transaction of $1,102,182.48. Following the transaction, the vice president now directly owns 60,000 shares of the company’s stock, valued at approximately $1,852,200. The disclosure for this sale can be found here. In the last three months, insiders have sold 169,704 shares of company stock valued at $5,343,032. 3.54% of the stock is currently owned by corporate insiders.

Shares of Hormel Foods Corporation (HRL) traded up 0.16% during midday trading on Friday, hitting $31.85. 2,242,022 shares of the stock were exchanged. The stock has a market cap of $16.81 billion, a price-to-earnings ratio of 19.66 and a beta of 0.58. The firm’s 50-day moving average is $31.43 and its 200-day moving average is $33.47. Hormel Foods Corporation has a 12 month low of $30.50 and a 12 month high of $38.84.

Hormel Foods Corporation (NYSE:HRL) last issued its earnings results on Thursday, August 24th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.03). Hormel Foods Corporation had a return on equity of 18.90% and a net margin of 9.38%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $0.36 EPS. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. Equities research analysts predict that Hormel Foods Corporation will post $1.56 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, October 23rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, October 20th. This represents a $0.68 annualized dividend and a dividend yield of 2.14%. Hormel Foods Corporation’s dividend payout ratio (DPR) is presently 41.98%.

A number of equities research analysts have commented on the stock. Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Hormel Foods Corporation in a research report on Friday, June 16th. BidaskClub raised shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. Zacks Investment Research downgraded shares of Hormel Foods Corporation from a “hold” rating to a “sell” rating in a research report on Monday, August 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $34.00 target price on shares of Hormel Foods Corporation in a research report on Friday, June 30th. Finally, Credit Suisse Group downgraded shares of Hormel Foods Corporation from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $39.00 to $33.00 in a research report on Friday, August 25th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $37.00.

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Hormel Foods Corporation Company Profile

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Institutional Ownership by Quarter for Hormel Foods Corporation (NYSE:HRL)

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