M&T Bank Corp Increases Stake in Hormel Foods Co. (NYSE:HRL)

M&T Bank Corp increased its holdings in Hormel Foods Co. (NYSE:HRL) by 10.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,036 shares of the company’s stock after acquiring an additional 1,152 shares during the quarter. M&T Bank Corp’s holdings in Hormel Foods were worth $378,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Hormel Foods by 2.5% in the 3rd quarter. State Street Corp now owns 25,068,102 shares of the company’s stock worth $794,659,000 after purchasing an additional 617,308 shares during the period. Geode Capital Management LLC lifted its holdings in Hormel Foods by 1.7% during the third quarter. Geode Capital Management LLC now owns 7,362,658 shares of the company’s stock worth $232,646,000 after buying an additional 120,212 shares during the period. Stifel Financial Corp boosted its position in Hormel Foods by 5.2% during the 3rd quarter. Stifel Financial Corp now owns 3,267,186 shares of the company’s stock valued at $103,570,000 after acquiring an additional 162,577 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Hormel Foods by 67.1% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,668 shares of the company’s stock valued at $91,810,000 after acquiring an additional 1,175,087 shares in the last quarter. Finally, Holocene Advisors LP increased its holdings in shares of Hormel Foods by 56.0% in the 3rd quarter. Holocene Advisors LP now owns 2,237,674 shares of the company’s stock valued at $70,934,000 after acquiring an additional 802,816 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Price Performance

Shares of HRL stock opened at $29.53 on Friday. Hormel Foods Co. has a fifty-two week low of $27.59 and a fifty-two week high of $36.86. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. The firm has a market capitalization of $16.24 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 2.73 and a beta of 0.21. The stock’s 50-day simple moving average is $29.59 and its 200-day simple moving average is $30.86.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on HRL shares. Stephens reaffirmed an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. Citigroup decreased their price target on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Finally, Barclays raised shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.80.

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.