Hormel Foods Co. (NYSE:HRL) Stock Position Reduced by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board lessened its position in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,446 shares of the company’s stock after selling 800 shares during the period. New Mexico Educational Retirement Board’s holdings in Hormel Foods were worth $848,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. City State Bank bought a new stake in shares of Hormel Foods in the 4th quarter worth approximately $48,000. Meixler Investment Management Ltd. bought a new stake in shares of Hormel Foods in the 4th quarter worth approximately $393,000. Stephens Inc. AR lifted its holdings in shares of Hormel Foods by 1.5% in the 4th quarter. Stephens Inc. AR now owns 90,661 shares of the company’s stock worth $4,425,000 after purchasing an additional 1,377 shares during the last quarter. JustInvest LLC bought a new stake in shares of Hormel Foods in the 4th quarter worth approximately $877,000. Finally, Dividend Assets Capital LLC lifted its holdings in shares of Hormel Foods by 2.1% in the 4th quarter. Dividend Assets Capital LLC now owns 102,220 shares of the company’s stock worth $4,989,000 after purchasing an additional 2,113 shares during the last quarter. 41.06% of the stock is currently owned by institutional investors.

HRL has been the topic of several recent analyst reports. Credit Suisse Group cut their target price on Hormel Foods to $44.00 in a research note on Friday, June 3rd. Argus raised Hormel Foods from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Thursday, March 10th. JPMorgan Chase & Co. lifted their target price on Hormel Foods from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, March 2nd. StockNews.com started coverage on Hormel Foods in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Piper Sandler lowered their price target on Hormel Foods to $48.00 in a research report on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $47.83.

In other news, SVP Kevin L. Myers sold 5,000 shares of Hormel Foods stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $45.07, for a total transaction of $225,350.00. Following the transaction, the senior vice president now owns 32,869 shares in the company, valued at $1,481,405.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Swen Neufeldt sold 960 shares of Hormel Foods stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $51.82, for a total value of $49,747.20. Following the transaction, the vice president now owns 23,332 shares in the company, valued at approximately $1,209,064.24. The disclosure for this sale can be found here. Insiders sold a total of 10,960 shares of company stock worth $532,897 over the last 90 days. Insiders own 0.78% of the company’s stock.

Shares of NYSE HRL opened at $45.72 on Thursday. The company has a quick ratio of 1.20, a current ratio of 2.28 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $24.97 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 3.06 and a beta of 0.10. The stock’s fifty day simple moving average is $49.64 and its 200 day simple moving average is $49.18. Hormel Foods Co. has a 52-week low of $40.48 and a 52-week high of $55.11.

Hormel Foods (NYSE:HRL – Get Rating) last issued its earnings results on Thursday, June 2nd. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01. The business had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.07 billion. Hormel Foods had a return on equity of 14.10% and a net margin of 7.70%. The company’s quarterly revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. As a group, analysts anticipate that Hormel Foods Co. will post 1.87 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, August 15th. Investors of record on Monday, July 11th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Friday, July 8th. Hormel Foods’s payout ratio is 59.43%.

About Hormel Foods (Get Rating)

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and food products to retail, foodservice, deli, and commercial customers in the United States and internationally. The company operates through four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.

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