991,993 Hormel Foods Corporation $HRL Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC trimmed its holdings in shares of Hormel Foods Corporation (NYSE:HRL) by 13.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,638,469 shares of the company’s stock after selling 991,993 shares during the quarter. ProShare Advisors LLC’s holdings in Hormel Foods were worth $132,371,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new stake in Hormel Foods during the 2nd quarter worth about $5,554,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Hormel Foods in the second quarter valued at $2,050,000. Masters Capital Management LLC acquired a new stake in shares of Hormel Foods during the 1st quarter worth approximately $19,252,000. Core Capital Management & Research inc. acquired a new position in Hormel Foods during the second quarter valued at approximately $7,729,000. Finally, Fidelity National Financial Inc. acquired a new stake in Hormel Foods during the 2nd quarter worth approximately $16,381,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Trading Up 2.1%

HRL opened at $21.34 on Friday. The company has a market capitalization of $11.74 billion, a P/E ratio of 33.87, a PEG ratio of 2.50 and a beta of 0.30. The stock’s fifty day moving average is $20.81 and its two-hundred day moving average is $22.86. Hormel Foods Corporation has a 52 week low of $18.96 and a 52 week high of $26.60. The company has a quick ratio of 0.92, a current ratio of 1.88 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.03 billion. Hormel Foods had a net margin of 2.82% and a return on equity of 9.91%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.35 earnings per share. Analysts forecast that Hormel Foods Corporation will post 1.48 earnings per share for the current year.

Hormel Foods Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Tuesday, October 13th will be paid a $0.2925 dividend. The ex-dividend date is Tuesday, October 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 5.5%. Hormel Foods’s payout ratio is 185.71%.

Insider Buying and Selling

In related news, Chairman William A. Newlands bought 10,000 shares of Hormel Foods stock in a transaction that occurred on Monday, October 5th. The shares were purchased at an average price of $20.10 per share, with a total value of $201,000.00. Following the purchase, the chairman owned 76,375 shares in the company, valued at $1,535,137.50. This represents a 15.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on HRL shares. Piper Sandler reaffirmed a “neutral” rating on shares of Hormel Foods in a research report on Tuesday, October 6th. BNP Paribas Exane reiterated a “neutral” rating and issued a $23.00 target price (down from $26.00) on shares of Hormel Foods in a report on Wednesday, October 7th. Weiss Ratings cut Hormel Foods from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, August 28th. JPMorgan Chase & Co. lifted their price objective on shares of Hormel Foods from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Finally, Stephens set a $23.00 price objective on shares of Hormel Foods in a research note on Friday, August 28th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Hormel Foods has an average rating of “Hold” and a consensus price target of $25.43.

Hormel Foods Profile

Hormel Foods Corporation (NYSE: HRL) is a global food company headquartered in Austin, Minnesota. Founded in 1891 by George A. Hormel, the company began as a meat-processing business and has expanded into a broad portfolio of branded food products sold through retail, foodservice and international channels.

Its products include refrigerated and shelf-stable meats, meals, snacks and other prepared foods. Hormel Foods markets products under well-known brands such as Hormel, SPAM, Jennie-O, Applegate, Columbus, Skippy and Planters, although its brand portfolio and business operations may evolve over time.