Lazard Asset Management LLC Sells 77,562 Shares of Hormel Foods Co. (NYSE:HRL)

Lazard Asset Management LLC lowered its stake in Hormel Foods Co. (NYSE:HRLGet Rating) by 88.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,796 shares of the company’s stock after selling 77,562 shares during the period. Lazard Asset Management LLC’s holdings in Hormel Foods were worth $463,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. TIAA FSB bought a new stake in Hormel Foods in the second quarter valued at $402,000. Eqis Capital Management Inc. boosted its holdings in shares of Hormel Foods by 39.3% during the 2nd quarter. Eqis Capital Management Inc. now owns 29,587 shares of the company’s stock valued at $1,401,000 after buying an additional 8,351 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Hormel Foods by 1.5% during the 2nd quarter. Advisors Asset Management Inc. now owns 116,209 shares of the company’s stock valued at $5,504,000 after buying an additional 1,676 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Hormel Foods by 21.8% during the 2nd quarter. Baird Financial Group Inc. now owns 10,525 shares of the company’s stock valued at $498,000 after buying an additional 1,881 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of Hormel Foods by 1.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 39,351 shares of the company’s stock valued at $1,864,000 after buying an additional 677 shares in the last quarter. Institutional investors own 39.95% of the company’s stock.

Insiders Place Their Bets

In other Hormel Foods news, SVP Kevin L. Myers sold 5,000 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $47.20, for a total value of $236,000.00. Following the completion of the transaction, the senior vice president now owns 32,954 shares of the company’s stock, valued at approximately $1,555,428.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.78% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Argus dropped their target price on shares of Hormel Foods from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, September 22nd. Piper Sandler dropped their target price on shares of Hormel Foods from $48.00 to $47.00 and set a “neutral” rating on the stock in a report on Friday, September 2nd. StockNews.com assumed coverage on shares of Hormel Foods in a report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Stephens dropped their target price on shares of Hormel Foods to $52.00 in a report on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $48.00.

Hormel Foods Stock Performance

Shares of Hormel Foods stock opened at $48.66 on Friday. The stock has a market cap of $26.58 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 3.28 and a beta of 0.19. The firm’s 50-day moving average is $46.29 and its 200 day moving average is $47.73. Hormel Foods Co. has a 1 year low of $41.25 and a 1 year high of $55.11. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.40 and a quick ratio of 1.21.

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

Hormel Foods Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Shareholders of record on Monday, October 17th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Friday, October 14th. Hormel Foods’s dividend payout ratio (DPR) is 56.83%.

Hormel Foods Profile

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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.

Further Reading

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

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