Hormel Foods Corporation (HRL) is Bristol Gate Capital Partners Inc.’s 9th Largest Position
Bristol Gate Capital Partners Inc. raised its holdings in Hormel Foods Corporation (NYSE:HRL) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 982,887 shares of the company’s stock after acquiring an additional 122,188 shares during the quarter. Hormel Foods Corporation makes up about 4.8% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 9th largest holding. Bristol Gate Capital Partners Inc. owned about 0.19% of Hormel Foods Corporation worth $31,590,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in HRL. Fairpointe Capital LLC acquired a new position in Hormel Foods Corporation in the 2nd quarter valued at approximately $113,723,000. Capital International Investors increased its position in Hormel Foods Corporation by 16.8% in the 2nd quarter. Capital International Investors now owns 8,284,975 shares of the company’s stock valued at $282,600,000 after acquiring an additional 1,191,000 shares during the period. Principal Financial Group Inc. increased its position in Hormel Foods Corporation by 264.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,505,505 shares of the company’s stock valued at $48,387,000 after acquiring an additional 1,092,714 shares during the period. American Century Companies Inc. increased its position in shares of Hormel Foods Corporation by 44.2% during the third quarter. American Century Companies Inc. now owns 3,051,908 shares of the company’s stock worth $98,088,000 after buying an additional 936,053 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Hormel Foods Corporation by 2.6% during the second quarter. Vanguard Group Inc. now owns 31,046,698 shares of the company’s stock worth $1,059,004,000 after buying an additional 777,942 shares during the period. Hedge funds and other institutional investors own 38.33% of the company’s stock.
Several research firms have recently weighed in on HRL. BMO Capital Markets reiterated a “buy” rating and set a $38.00 price objective on shares of Hormel Foods Corporation in a research report on Monday, November 6th. Mizuho reiterated a “hold” rating and set a $33.00 price objective on shares of Hormel Foods Corporation in a research report on Wednesday, October 4th. Barclays PLC decreased their price objective on shares of Hormel Foods Corporation from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Friday, August 25th. Zacks Investment Research upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Monday, September 11th. Finally, BidaskClub upgraded shares of Hormel Foods Corporation from a “sell” rating to a “hold” rating in a research report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $34.44.
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Hormel Foods Corporation (HRL) traded up $0.12 during trading hours on Tuesday, reaching $32.45. 1,882,200 shares of the company’s stock were exchanged, compared to its average volume of 2,342,833. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.53 and a quick ratio of 1.37. The firm has a market capitalization of $17,064.69, a PE ratio of 19.96, a price-to-earnings-growth ratio of 2.12 and a beta of 0.58. Hormel Foods Corporation has a 1-year low of $29.75 and a 1-year high of $37.97.
Hormel Foods Corporation (NYSE:HRL) last posted its quarterly earnings results on Thursday, August 24th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.24 billion. Hormel Foods Corporation had a return on equity of 18.90% and a net margin of 9.38%. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. research analysts forecast that Hormel Foods Corporation will post 1.57 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, October 23rd will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, October 20th. Hormel Foods Corporation’s payout ratio is 41.98%.
In other Hormel Foods Corporation news, Director John L. Morrison sold 24,814 shares of the firm’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $31.81, for a total value of $789,333.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven G. Binder sold 15,000 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $31.23, for a total transaction of $468,450.00. Following the completion of the sale, the insider now owns 26,838 shares of the company’s stock, valued at $838,150.74. The disclosure for this sale can be found here. Insiders sold 194,518 shares of company stock valued at $6,132,366 over the last 90 days. Corporate insiders own 3.54% of the company’s stock.
About Hormel Foods Corporation
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