Legacy Financial Advisors Inc. Buys 3,138 Shares of Hormel Foods Co. (NYSE:HRL)

Legacy Financial Advisors Inc. grew its position in Hormel Foods Co. (NYSE:HRL) by 19.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 19,442 shares of the company’s stock after acquiring an additional 3,138 shares during the period. Legacy Financial Advisors Inc.’s holdings in Hormel Foods were worth $593,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in Hormel Foods by 688.3% in the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 647 shares during the last quarter. CVA Family Office LLC bought a new position in Hormel Foods in the 1st quarter valued at approximately $31,000. International Assets Investment Management LLC acquired a new stake in Hormel Foods during the 2nd quarter worth approximately $34,000. Central Valley Advisors LLC bought a new stake in Hormel Foods during the 2nd quarter worth approximately $37,000. Finally, Register Financial Advisors LLC acquired a new position in Hormel Foods in the 1st quarter valued at approximately $42,000. Institutional investors and hedge funds own 40.99% of the company’s stock.

Insider Activity

In related news, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the transaction, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at $2,313,850.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the completion of the sale, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

HRL has been the topic of several analyst reports. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Citigroup upgraded Hormel Foods from a “neutral” rating to a “buy” rating and upped their price target for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. Finally, Stephens restated an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and an average price target of $32.33.

Hormel Foods Stock Performance

Shares of HRL opened at $31.77 on Friday. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The firm’s fifty day simple moving average is $32.04 and its two-hundred day simple moving average is $32.93. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $39.58. The stock has a market capitalization of $17.42 billion, a P/E ratio of 22.69, a price-to-earnings-growth ratio of 3.10 and a beta of 0.25.

Hormel Foods (NYSE:HRL) last released its earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter last year, the firm posted $0.40 earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. As a group, analysts predict that Hormel Foods Co. will post 1.58 EPS for the current year.

About Hormel Foods

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.