HighTower Advisors LLC Has $1.78 Million Stock Holdings in Hormel Foods Co. (NYSE:HRL)

HighTower Advisors LLC grew its position in shares of Hormel Foods Co. (NYSE:HRL – Get Rating) by 21.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,989 shares of the company’s stock after buying an additional 6,909 shares during the period. HighTower Advisors LLC’s holdings in Hormel Foods were worth $1,780,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Independence Bank of Kentucky bought a new position in Hormel Foods during the 4th quarter worth $31,000. Spire Wealth Management increased its position in Hormel Foods by 1,673.3% during the 4th quarter. Spire Wealth Management now owns 798 shares of the company’s stock worth $36,000 after buying an additional 753 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in Hormel Foods by 110.6% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 872 shares of the company’s stock worth $40,000 after buying an additional 458 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of Hormel Foods in the first quarter worth $41,000. Finally, Intelligent Financial Strategies raised its stake in Hormel Foods by 133.0% in the fourth quarter. Intelligent Financial Strategies now owns 1,002 shares of the company’s stock valued at $46,000 after purchasing an additional 572 shares in the last quarter. Institutional investors own 39.74% of the company’s stock.

Insider Buying and Selling

In other Hormel Foods news, Director Elsa A. Murano sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $40.50, for a total transaction of $243,000.00. Following the completion of the transaction, the director now owns 102,698 shares in the company, valued at approximately $4,159,269. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Becerra Jose Luis Prado sold 5,200 shares of the business’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $39.01, for a total transaction of $202,852.00. Following the transaction, the director now owns 18,410 shares in the company, valued at approximately $718,174.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Elsa A. Murano sold 6,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $40.50, for a total transaction of $243,000.00. Following the completion of the sale, the director now owns 102,698 shares of the company’s stock, valued at $4,159,269. The disclosure for this sale can be found here. 0.81% of the stock is owned by insiders.

Hormel Foods Stock Performance

Hormel Foods stock opened at $38.89 on Thursday. The business has a 50 day moving average of $39.74 and a 200-day moving average of $43.49. Hormel Foods Co. has a 1 year low of $37.78 and a 1 year high of $51.69. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.33 and a quick ratio of 1.07. The company has a market capitalization of $21.25 billion, a P/E ratio of 21.73, a P/E/G ratio of 3.86 and a beta of 0.17.

Hormel Foods (NYSE:HRL – Get Rating) last issued its quarterly earnings data on Thursday, March 2nd. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.05). The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.08 billion. Hormel Foods had a return on equity of 13.10% and a net margin of 7.90%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.44 EPS. On average, equities research analysts predict that Hormel Foods Co. will post 1.73 earnings per share for the current year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, July 14th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.83%. Hormel Foods’s dividend payout ratio (DPR) is 61.45%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Stephens decreased their target price on shares of Hormel Foods from $52.00 to $47.00 and set an “equal weight” rating on the stock in a report on Monday, March 6th. Piper Sandler cut their target price on Hormel Foods from $44.00 to $43.00 and set a “neutral” rating for the company in a research note on Wednesday, April 12th. JPMorgan Chase & Co. downgraded Hormel Foods from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $47.00 to $38.00 in a research report on Friday, March 3rd. StockNews.com started coverage on Hormel Foods in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, Bank of America lowered their price objective on shares of Hormel Foods from $45.00 to $41.00 in a research report on Monday, March 6th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and an average price target of $44.14.

Hormel Foods Profile

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Hormel Foods Corp. engages in the production of meat and food products. It operates through the following segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. The Grocery Products segment focuses on the processing, marketing, and sale of shelf-stable food products sold in the retail market.