PNC Financial Services Group Inc. lessened its stake in Hormel Foods Co. (NYSE:HRL – Free Report) by 0.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 143,411 shares of the company’s stock after selling 1,200 shares during the period. PNC Financial Services Group Inc.’s holdings in Hormel Foods were worth $5,454,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in HRL. American Century Companies Inc. increased its position in Hormel Foods by 10.1% during the 1st quarter. American Century Companies Inc. now owns 13,823 shares of the company’s stock worth $712,000 after purchasing an additional 1,273 shares during the period. Natixis Advisors L.P. increased its position in Hormel Foods by 4.0% during the 1st quarter. Natixis Advisors L.P. now owns 37,906 shares of the company’s stock worth $1,954,000 after purchasing an additional 1,468 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Hormel Foods by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,751 shares of the company’s stock worth $1,946,000 after purchasing an additional 2,339 shares during the period. Cibc World Market Inc. increased its position in Hormel Foods by 7.3% during the 1st quarter. Cibc World Market Inc. now owns 8,977 shares of the company’s stock worth $463,000 after purchasing an additional 611 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Hormel Foods by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,030,288 shares of the company’s stock worth $104,640,000 after purchasing an additional 8,636 shares during the period. Institutional investors and hedge funds own 41.15% of the company’s stock.
Insider Buying and Selling at Hormel Foods
In other Hormel Foods news, Director Elsa A. Murano sold 9,000 shares of the business’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $31.70, for a total value of $285,300.00. Following the completion of the transaction, the director now directly owns 93,698 shares in the company, valued at approximately $2,970,226.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Susan K. Nestegard sold 8,105 shares of the company’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $31.78, for a total transaction of $257,576.90. Following the completion of the sale, the director now directly owns 92,615 shares in the company, valued at approximately $2,943,304.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Elsa A. Murano sold 9,000 shares of the company’s stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $31.70, for a total value of $285,300.00. Following the sale, the director now owns 93,698 shares of the company’s stock, valued at $2,970,226.60. The disclosure for this sale can be found here. In the last three months, insiders sold 28,021 shares of company stock worth $886,454. Insiders own 0.69% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on HRL. The Goldman Sachs Group dropped their target price on Hormel Foods from $29.00 to $26.00 and set a “sell” rating on the stock in a research report on Thursday, November 30th. Piper Sandler boosted their price target on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Friday, January 12th. Finally, Citigroup started coverage on Hormel Foods in a research note on Thursday, February 1st. They set a “neutral” rating and a $31.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.50.
View Our Latest Report on Hormel Foods
Hormel Foods Price Performance
HRL stock opened at $28.99 on Tuesday. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $46.04. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.70 and a current ratio of 1.43. The stock’s 50 day moving average price is $31.02 and its 200 day moving average price is $33.98. The firm has a market cap of $15.85 billion, a P/E ratio of 19.86, a PEG ratio of 3.93 and a beta of 0.24.
Hormel Foods (NYSE:HRL – Get Free Report) last posted its earnings results on Wednesday, November 29th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Hormel Foods had a net margin of 6.55% and a return on equity of 11.47%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the company posted $0.51 EPS. Hormel Foods’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, sell-side analysts expect that Hormel Foods Co. will post 1.57 earnings per share for the current fiscal year.
Hormel Foods 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.
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