The Manufacturers Life Insurance Company Has $6.20 Million Stake in Hormel Foods Co. (NYSE:HRL)

The Manufacturers Life Insurance Company lowered its position in Hormel Foods Co. (NYSE:HRL) by 4.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 195,725 shares of the company’s stock after selling 8,836 shares during the period. The Manufacturers Life Insurance Company’s holdings in Hormel Foods were worth $6,204,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. West Tower Group LLC acquired a new position in shares of Hormel Foods during the 3rd quarter worth $276,000. Qsemble Capital Management LP acquired a new position in Hormel Foods during the third quarter worth $1,025,000. Bank of Montreal Can raised its holdings in Hormel Foods by 2.7% during the third quarter. Bank of Montreal Can now owns 968,296 shares of the company’s stock valued at $30,714,000 after buying an additional 25,102 shares in the last quarter. Independent Advisor Alliance lifted its position in shares of Hormel Foods by 39.6% in the third quarter. Independent Advisor Alliance now owns 40,946 shares of the company’s stock worth $1,298,000 after buying an additional 11,615 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Hormel Foods during the 3rd quarter worth about $335,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

Shares of NYSE HRL opened at $32.88 on Friday. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $36.86. The company has a market cap of $18.03 billion, a P/E ratio of 23.15, a P/E/G ratio of 3.39 and a beta of 0.26. The business’s 50 day moving average is $31.08 and its two-hundred day moving average is $31.54. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period last year, the firm posted $0.42 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. On average, equities analysts expect that Hormel Foods Co. will post 1.58 EPS for the current year.

Hormel Foods Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, January 13th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Monday, January 13th. This is a boost from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s dividend payout ratio (DPR) is presently 79.58%.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of recent analyst reports. Citigroup cut their price objective on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, November 19th. Stephens assumed coverage on Hormel Foods in a report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 price target on the stock. Finally, BNP Paribas initiated coverage on shares of Hormel Foods in a research note on Monday, October 21st. They issued an “underperform” rating and a $28.00 price objective for the company. Two 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.29.

Insider Buying and Selling

In other news, SVP Kevin L. Myers sold 10,000 shares of the 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 completion of the transaction, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. This represents a 20.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of Hormel Foods stock in a transaction dated 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 owns 30,589 shares in the company, valued at approximately $976,094.99. This trade represents a 24.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock valued at $2,288,338 over the last three months. 0.69% of the stock is owned by corporate insiders.

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.