Sanders Morris Harris LLC Purchases Shares of 8,750 Hormel Foods Co. (NYSE:HRL)

Sanders Morris Harris LLC purchased a new stake in shares of Hormel Foods Co. (NYSE:HRL) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,750 shares of the company’s stock, valued at approximately $305,000.

Several other hedge funds have also modified their holdings of HRL. CVA Family Office LLC bought a new position in Hormel Foods in the 1st quarter valued at $31,000. Clarity Asset Management Inc. acquired a new position in Hormel Foods during the 4th quarter valued at about $54,000. Janiczek Wealth Management LLC boosted its stake in shares of Hormel Foods by 100.5% in the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock valued at $66,000 after purchasing an additional 1,033 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Hormel Foods by 21.1% during the fourth quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after buying an additional 361 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in Hormel Foods by 516.5% in the fourth quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock valued at $82,000 after buying an additional 2,133 shares during the period. 40.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

HRL has been the topic of a number of analyst reports. The Goldman Sachs Group increased their price target on Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Barclays increased their price target on shares of Hormel Foods from $33.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Stephens reissued an “equal weight” rating and issued a $32.00 price target on shares of Hormel Foods in a report on Friday, May 31st. Finally, Citigroup dropped their price objective on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.67.

Hormel Foods Stock Up 0.5 %

NYSE HRL traded up $0.16 during trading on Friday, hitting $30.64. The stock had a trading volume of 3,818,910 shares, compared to its average volume of 2,836,702. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The company’s 50-day moving average price is $33.66 and its two-hundred day moving average price is $32.70. The company has a market capitalization of $16.80 billion, a PE ratio of 21.89, a P/E/G ratio of 2.93 and a beta of 0.25.

Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the prior year, the company posted $0.40 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts forecast that Hormel Foods Co. will post 1.59 EPS for the current year.

Hormel Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $0.2825 dividend. The ex-dividend date is Monday, July 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.69%. Hormel Foods’s dividend payout ratio is presently 80.71%.

Insider Buying and Selling at Hormel Foods

In other news, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the transaction, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $35.00, for a total value of $539,000.00. Following the transaction, the vice president now directly owns 68,029 shares in the company, valued at $2,381,015. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.