SeaCrest Wealth Management LLC Acquires New Position in Hormel Foods Co. (NYSE:HRL)

SeaCrest Wealth Management LLC bought a new position in shares of Hormel Foods Co. (NYSE:HRL) during the 1st quarter, Holdings Channel.com reports. The fund bought 5,903 shares of the company’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CVA Family Office LLC purchased a new stake in shares of Hormel Foods in the first quarter valued at approximately $31,000. Register Financial Advisors LLC acquired a new stake in Hormel Foods in the first quarter valued at $42,000. Capital Advisors Ltd. LLC lifted its holdings in Hormel Foods by 774.8% in the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock valued at $42,000 after acquiring an additional 1,077 shares during the period. Clarity Asset Management Inc. purchased a new stake in shares of Hormel Foods during the 4th quarter worth $54,000. Finally, Janiczek Wealth Management LLC grew its stake in shares of Hormel Foods by 100.5% during the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock worth $66,000 after purchasing an additional 1,033 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on HRL. Citigroup reduced their price objective on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Stephens reiterated an “equal weight” rating and set a $32.00 price target on shares of Hormel Foods in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $31.67.

Hormel Foods Price Performance

Hormel Foods stock opened at $30.24 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The firm’s 50-day simple moving average is $33.00 and its 200 day simple moving average is $32.63. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $41.73. The firm has a market capitalization of $16.58 billion, a PE ratio of 21.60, a P/E/G ratio of 2.93 and a beta of 0.24.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities research analysts predict that Hormel Foods Co. will post 1.6 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a dividend of $0.2825 per share. This represents a $1.13 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Monday, July 15th. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

Hormel Foods Profile

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.