Sumitomo Mitsui DS Asset Management Company Ltd Has $1.22 Million Holdings in Hormel Foods Co. (NYSE:HRL)

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in Hormel Foods Co. (NYSE:HRL) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,442 shares of the company’s stock after selling 432 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Hormel Foods were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. ProShare Advisors LLC boosted its holdings in shares of Hormel Foods by 9.9% in the first quarter. ProShare Advisors LLC now owns 5,638,546 shares of the company’s stock valued at $196,729,000 after buying an additional 505,942 shares during the period. Millennium Management LLC lifted its stake in shares of Hormel Foods by 15.4% during the 2nd quarter. Millennium Management LLC now owns 3,089,868 shares of the company’s stock worth $94,210,000 after buying an additional 412,313 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Hormel Foods by 24.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,976,257 shares of the company’s stock worth $90,738,000 after purchasing an additional 575,378 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Hormel Foods by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,772,481 shares of the company’s stock valued at $54,043,000 after buying an additional 6,315 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Hormel Foods by 86.4% in the 2nd quarter. Marshall Wace LLP now owns 1,602,732 shares of the company’s stock valued at $48,867,000 after buying an additional 742,859 shares in the last quarter. 40.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. BNP Paribas began coverage on shares of Hormel Foods in a report on Monday. They set an “underperform” rating and a $28.00 price target on the stock. Stephens started coverage on shares of Hormel Foods in a research report on Thursday, October 3rd. They set an “equal weight” rating and a $31.00 target price on the stock. Finally, Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and boosted their target price for the company from $33.00 to $37.00 in a research report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $31.57.

Hormel Foods Stock Performance

HRL opened at $31.09 on Wednesday. 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 company’s fifty day moving average price is $31.83 and its two-hundred day moving average price is $32.43. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $36.86. The company has a market cap of $17.05 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 3.06 and a beta of 0.25.

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

Hormel Foods Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $0.282 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.63%. Hormel Foods’s payout ratio is 80.71%.

Insider Transactions at Hormel Foods

In related news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the transaction, the vice president now owns 30,589 shares in the company, valued at approximately $976,094.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Deanna T. Brady sold 51,600 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the sale, the executive vice president now directly owns 72,421 shares of the company’s stock, valued at $2,313,850.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Steven J. Lykken sold 9,800 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the sale, the vice president now directly owns 30,589 shares in the company, valued at $976,094.99. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,400 shares of company stock worth $2,288,338 in the last quarter. 0.69% of the stock is currently owned by corporate insiders.

Hormel Foods Company 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.