New York State Teachers Retirement System Cuts Stake in Hormel Foods Co. (NYSE:HRL)

New York State Teachers Retirement System reduced its stake in Hormel Foods Co. (NYSE:HRL) by 0.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 265,713 shares of the company’s stock after selling 1,606 shares during the quarter. New York State Teachers Retirement System’s holdings in Hormel Foods were worth $8,102,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in HRL. EverSource Wealth Advisors LLC lifted its holdings in Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 647 shares during the last quarter. CVA Family Office LLC purchased a new stake in Hormel Foods during the first quarter valued at about $31,000. Central Valley Advisors LLC purchased a new stake in Hormel Foods during the second quarter valued at about $37,000. Register Financial Advisors LLC purchased a new stake in Hormel Foods during the first quarter valued at about $42,000. Finally, Capital Advisors Ltd. LLC lifted its holdings in Hormel Foods by 774.8% during the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock valued at $42,000 after purchasing an additional 1,077 shares during the last quarter. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Trading Down 0.2 %

Shares of Hormel Foods stock opened at $31.88 on Friday. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $40.12. The company has a market cap of $17.48 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 3.11 and a beta of 0.24. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. The company’s 50-day moving average price is $31.34 and its 200-day moving average price is $32.70.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. Hormel Foods’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.40 earnings per share. On average, equities analysts expect that Hormel Foods Co. will post 1.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Citigroup raised shares of Hormel Foods from a “neutral” rating to a “buy” rating and upped their price objective for the company from $33.00 to $37.00 in a report on Tuesday, August 13th. 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, JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $29.00 in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Hormel Foods currently has an average rating of “Hold” and a consensus target price of $32.33.

Hormel Foods Company 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.