State of Alaska Department of Revenue Boosts Position in Hormel Foods Co. (NYSE:HRL)

State of Alaska Department of Revenue boosted its holdings in Hormel Foods Co. (NYSE:HRL) by 7.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,726 shares of the company’s stock after purchasing an additional 2,290 shares during the quarter. State of Alaska Department of Revenue’s holdings in Hormel Foods were worth $1,069,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in HRL. EverSource Wealth Advisors LLC boosted its holdings in shares of Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after buying an additional 647 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Hormel Foods in the second quarter valued at $34,000. Central Valley Advisors LLC purchased a new position in shares of Hormel Foods during the second quarter worth about $37,000. Sentry Investment Management LLC purchased a new position in shares of Hormel Foods during the second quarter worth about $42,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Hormel Foods by 516.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,351 shares of the company’s stock valued at $43,000 after purchasing an additional 1,132 shares during the last quarter. 40.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup upgraded Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a research note on Tuesday, August 13th. Stephens began coverage on shares of Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 target price on the stock. Finally, BNP Paribas initiated coverage on shares of Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $31.57.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $30.74 on Tuesday. The stock has a fifty day moving average price of $31.58 and a 200 day moving average price of $32.20. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $36.86. 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 company has a market cap of $16.86 billion, a PE ratio of 21.65, a P/E/G ratio of 3.45 and a beta of 0.26.

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

Hormel Foods Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $0.282 per share. This represents a $1.13 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Tuesday, October 15th. Hormel Foods’s dividend payout ratio is presently 79.58%.

Insiders Place Their Bets

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the sale, the vice president now directly owns 30,589 shares in the company, valued at approximately $976,094.99. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the sale, the vice president now directly owns 30,589 shares in the company, valued at approximately $976,094.99. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was 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 owns 72,421 shares in the company, valued at approximately $2,313,850.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,400 shares of company stock worth $2,288,338. 0.69% of the stock is owned by corporate insiders.

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.