Hormel Foods Co. (NYSE:HRL) Shares Sold by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP lessened its stake in Hormel Foods Co. (NYSE:HRL) by 6.7% during the second quarter, HoldingsChannel.com reports. The firm owned 12,406 shares of the company’s stock after selling 897 shares during the period. DoubleLine ETF Adviser LP’s holdings in Hormel Foods were worth $378,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of HRL. AQR Capital Management LLC increased its holdings in shares of Hormel Foods by 59.1% in the 2nd quarter. AQR Capital Management LLC now owns 1,244,448 shares of the company’s stock valued at $37,470,000 after acquiring an additional 462,283 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Hormel Foods by 62.1% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 57,724 shares of the company’s stock worth $1,760,000 after acquiring an additional 22,111 shares during the last quarter. Appian Way Asset Management LP acquired a new position in Hormel Foods in the second quarter valued at approximately $11,811,000. Marshall Wace LLP grew its holdings in shares of Hormel Foods by 86.4% during the second quarter. Marshall Wace LLP now owns 1,602,732 shares of the company’s stock valued at $48,867,000 after purchasing an additional 742,859 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Hormel Foods by 22.4% during the 2nd quarter. Bank of Montreal Can now owns 943,194 shares of the company’s stock worth $28,767,000 after purchasing an additional 172,840 shares during the period. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL opened at $31.57 on Friday. The firm has a market capitalization of $17.31 billion, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 3.11 and a beta of 0.25. The stock’s fifty day moving average is $32.04 and its 200-day moving average is $32.87. Hormel Foods Co. has a one year low of $28.51 and a one year high of $38.95. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the business posted $0.40 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Equities analysts anticipate that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Tuesday, October 15th. Hormel Foods’s dividend payout ratio is presently 80.71%.

Analyst Upgrades and Downgrades

HRL has been the subject of a number of analyst reports. Stephens restated an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a research report on Friday, May 31st. Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and upped their price target for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $28.00 to $29.00 in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and an average price target of $32.33.

Insider Activity

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

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.