The Manufacturers Life Insurance Company Reduces Position in Hormel Foods Corp (HRL)
The Manufacturers Life Insurance Company lessened its stake in shares of Hormel Foods Corp (NYSE:HRL) by 8.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 291,538 shares of the company’s stock after selling 27,597 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Hormel Foods were worth $10,609,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in HRL. Dupont Capital Management Corp acquired a new position in shares of Hormel Foods during the 3rd quarter valued at $100,000. Steward Partners Investment Advisory LLC increased its stake in Hormel Foods by 3,200.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 3,300 shares of the company’s stock valued at $120,000 after purchasing an additional 3,200 shares in the last quarter. First Citizens Bank & Trust Co. bought a new stake in Hormel Foods during the 4th quarter valued at $218,000. Resources Investment Advisors Inc. bought a new stake in Hormel Foods during the 4th quarter valued at $218,000. Finally, Hills Bank & Trust Co. bought a new stake in Hormel Foods during the 4th quarter valued at $224,000. Institutional investors own 38.65% of the company’s stock.
In other news, Director Elsa A. Murano sold 7,129 shares of the company’s stock in a transaction on Thursday, January 4th. The shares were sold at an average price of $36.00, for a total value of $256,644.00. Following the completion of the sale, the director now owns 90,991 shares in the company, valued at approximately $3,275,676. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Nakasone sold 3,184 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $37.50, for a total transaction of $119,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,883 shares of company stock valued at $397,054. Company insiders own 3.54% of the company’s stock.
Hormel Foods (NYSE:HRL) last posted its earnings results on Thursday, February 22nd. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.44. Hormel Foods had a net margin of 9.92% and a return on equity of 17.44%. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business posted $0.44 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. research analysts expect that Hormel Foods Corp will post 1.79 earnings per share for the current year.
A number of brokerages have commented on HRL. Zacks Investment Research upgraded shares of Hormel Foods from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Tuesday. Credit Suisse Group decreased their price target on shares of Hormel Foods from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Tuesday. Piper Jaffray Companies restated a “buy” rating and set a $39.00 price target on shares of Hormel Foods in a research note on Tuesday. Barclays restated a “buy” rating and set a $38.00 price target (down previously from $40.00) on shares of Hormel Foods in a research note on Friday, February 23rd. Finally, Jefferies Group restated a “buy” rating on shares of Hormel Foods in a research note on Thursday, February 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $34.60.
ILLEGAL ACTIVITY NOTICE: “The Manufacturers Life Insurance Company Reduces Position in Hormel Foods Corp (HRL)” was originally posted by Daily Political and is the property of of Daily Political. If you are reading this story on another website, it was illegally stolen and republished in violation of US and international copyright laws. The legal version of this story can be accessed at https://www.dailypolitical.com/2018/03/03/the-manufacturers-life-insurance-company-reduces-position-in-hormel-foods-corp-hrl.html.
Hormel Foods Company Profile
Hormel Foods Corporation is engaged in the production of a range of meat and food products. The Company operates through four segments: Grocery Products, which is engaged in the processing, marketing and sale of shelf-stable food products sold for the retail market and health and also consists of nutrition products, including Muscle Milk protein products.; Refrigerated Foods, which consists of the processing, marketing and sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers; Jennie-O Turkey Store (JOTS), which consists of the processing, marketing and sale of branded and unbranded turkey products for retail, foodservice and fresh product customers; and International & Other, which includes Hormel Foods International Corporation, which manufactures, markets and sells the Company products internationally.
Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Corp (NYSE:HRL).
Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.