Legacy Financial Advisors Inc. Raises Position in Hormel Foods Co. (NYSE:HRL)

Legacy Financial Advisors Inc. lifted its stake in shares of Hormel Foods Co. (NYSE:HRL) by 19.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,442 shares of the company’s stock after buying an additional 3,138 shares during the period. Legacy Financial Advisors Inc.’s holdings in Hormel Foods were worth $593,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of HRL. Dimensional Fund Advisors LP grew its stake in shares of Hormel Foods by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,450,447 shares of the company’s stock worth $78,679,000 after acquiring an additional 56,189 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Hormel Foods by 5.9% during the fourth quarter. Brown Advisory Inc. now owns 24,067 shares of the company’s stock worth $773,000 after purchasing an additional 1,340 shares during the last quarter. Norges Bank bought a new stake in Hormel Foods in the 4th quarter worth about $62,323,000. PNC Financial Services Group Inc. increased its stake in Hormel Foods by 7.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 154,437 shares of the company’s stock valued at $4,959,000 after buying an additional 11,026 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its position in shares of Hormel Foods by 4.4% during the 4th quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock worth $310,000 after buying an additional 403 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

NYSE:HRL opened at $31.77 on Friday. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $39.58. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The business has a fifty day simple moving average of $32.04 and a two-hundred day simple moving average of $32.93. The company has a market capitalization of $17.42 billion, a P/E ratio of 22.69, a P/E/G ratio of 3.10 and a beta of 0.25.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.01. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.40 EPS. On average, analysts expect that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Insider Activity

In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the completion of the transaction, the senior vice president now directly owns 39,050 shares of the company’s stock, valued at approximately $1,276,935. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the completion of the transaction, the senior vice president now owns 39,050 shares of the company’s stock, valued at approximately $1,276,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the completion of the sale, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The disclosure for this sale can be found here. Insiders own 0.69% of the company’s stock.

Analysts Set New Price Targets

HRL has been the subject of several recent analyst reports. Stephens reaffirmed an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and raised their target price for the company from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Citigroup upgraded Hormel Foods from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. One research 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. According to data from MarketBeat, the company 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.