Federated Hermes Inc. Purchases 2,895 Shares of Hormel Foods Co. (NYSE:HRL)

Federated Hermes Inc. lifted its position in Hormel Foods Co. (NYSE:HRL) by 142.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 4,929 shares of the company’s stock after acquiring an additional 2,895 shares during the period. Federated Hermes Inc.’s holdings in Hormel Foods were worth $150,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock worth $26,000 after acquiring an additional 647 shares during the last quarter. CVA Family Office LLC bought a new stake in shares of Hormel Foods in the 1st quarter worth $31,000. International Assets Investment Management LLC purchased a new position in shares of Hormel Foods in the second quarter worth $34,000. Central Valley Advisors LLC bought a new position in shares of Hormel Foods during the second quarter valued at $37,000. Finally, Register Financial Advisors LLC purchased a new stake in shares of Hormel Foods during the first quarter valued at $42,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

HRL opened at $31.19 on Wednesday. The company’s 50 day moving average is $32.06 and its 200 day moving average is $32.88. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The company has a market cap of $17.10 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 3.10 and a beta of 0.25. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $39.25.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. The firm 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%. Hormel Foods’s revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. On average, equities research analysts predict that Hormel Foods Co. will post 1.58 EPS for the current year.

Insider Transactions at Hormel Foods

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

Analyst Ratings Changes

A number of brokerages have weighed in on HRL. Stephens reissued an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a research report on Friday, May 31st. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and increased their price objective for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Hormel Foods presently has a consensus rating of “Hold” and a consensus target price of $32.33.

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.