DnB Asset Management AS Sells 16,503 Shares of Hormel Foods Co. (NYSE:HRL)

DnB Asset Management AS trimmed its holdings in Hormel Foods Co. (NYSE:HRLGet Rating) by 10.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 148,638 shares of the company’s stock after selling 16,503 shares during the period. DnB Asset Management AS’s holdings in Hormel Foods were worth $7,039,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in HRL. HighTower Advisors LLC lifted its position in shares of Hormel Foods by 77.5% in the fourth quarter. HighTower Advisors LLC now owns 41,461 shares of the company’s stock valued at $2,025,000 after acquiring an additional 18,101 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Hormel Foods in the fourth quarter valued at about $1,137,000. JPMorgan Chase & Co. lifted its position in shares of Hormel Foods by 75.1% in the fourth quarter. JPMorgan Chase & Co. now owns 625,931 shares of the company’s stock valued at $30,550,000 after acquiring an additional 268,445 shares in the last quarter. Covestor Ltd bought a new position in shares of Hormel Foods during the fourth quarter valued at approximately $41,000. Finally, Candriam Luxembourg S.C.A. grew its stake in shares of Hormel Foods by 46.4% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 37,313 shares of the company’s stock worth $1,821,000 after acquiring an additional 11,821 shares during the last quarter. 39.95% of the stock is currently owned by hedge funds and other institutional investors.

Hormel Foods Trading Down 0.3 %

Hormel Foods stock opened at $45.79 on Monday. The company has a current ratio of 2.40, a quick ratio of 1.21 and a debt-to-equity ratio of 0.45. Hormel Foods Co. has a 12 month low of $40.48 and a 12 month high of $55.11. The stock’s 50 day simple moving average is $48.68 and its two-hundred day simple moving average is $49.44. The firm has a market cap of $25.01 billion, a PE ratio of 25.02, a P/E/G ratio of 3.46 and a beta of 0.12.

Hormel Foods (NYSE:HRLGet Rating) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.40 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.01). Hormel Foods had a return on equity of 13.92% and a net margin of 7.93%. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the prior year, the company posted $0.39 EPS. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. Analysts anticipate that Hormel Foods Co. will post 1.81 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on HRL. Piper Sandler dropped their price target on Hormel Foods from $48.00 to $47.00 and set a “neutral” rating on the stock in a research note on Friday, September 2nd. Stephens dropped their target price on Hormel Foods to $52.00 in a research report on Tuesday, September 6th. Finally, Credit Suisse Group dropped their target price on Hormel Foods to $44.00 in a research report on Friday, June 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat, Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $48.67.

Insiders Place Their Bets

In other Hormel Foods news, SVP Kevin L. Myers sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $47.20, for a total value of $236,000.00. Following the sale, the senior vice president now owns 32,954 shares in the company, valued at approximately $1,555,428.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, SVP Kevin L. Myers sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 9th. The stock was sold at an average price of $47.20, for a total transaction of $236,000.00. Following the completion of the transaction, the senior vice president now directly owns 32,954 shares of the company’s stock, valued at approximately $1,555,428.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Christopher J. Policinski sold 2,110 shares of the company’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $46.27, for a total value of $97,629.70. Following the transaction, the director now directly owns 85,254 shares of the company’s stock, valued at $3,944,702.58. The disclosure for this sale can be found here. Insiders own 0.78% of the company’s stock.

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.

See Also

Want to see what other hedge funds are holding HRL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Hormel Foods Co. (NYSE:HRLGet Rating).

Institutional Ownership by Quarter for Hormel Foods (NYSE:HRL)

Receive News & Ratings for Hormel Foods Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Hormel Foods and related companies with MarketBeat.com's FREE daily email newsletter.