Envestnet Asset Management Inc. Grows Position in Hormel Foods Co. (NYSE:HRL)

Envestnet Asset Management Inc. grew its position in shares of Hormel Foods Co. (NYSE:HRL) by 4.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 864,858 shares of the company’s stock after acquiring an additional 33,998 shares during the quarter. Envestnet Asset Management Inc. owned 0.16% of Hormel Foods worth $26,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in HRL. Dimensional Fund Advisors LP grew its position in Hormel Foods by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,450,447 shares of the company’s stock worth $78,679,000 after purchasing an additional 56,189 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Hormel Foods by 5.9% during the fourth quarter. Brown Advisory Inc. now owns 24,067 shares of the company’s stock valued at $773,000 after acquiring an additional 1,340 shares during the last quarter. Norges Bank bought a new stake in Hormel Foods during the fourth quarter worth $62,323,000. PNC Financial Services Group Inc. boosted its position in Hormel Foods by 7.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 154,437 shares of the company’s stock worth $4,959,000 after purchasing an additional 11,026 shares during the last quarter. Finally, D.A. Davidson & CO. grew its stake in Hormel Foods by 4.4% in the 4th quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock valued at $310,000 after purchasing an additional 403 shares during the period. Institutional investors own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on HRL shares. Stephens reiterated an “equal weight” rating and set a $32.00 target price on shares of Hormel Foods in a research note on Friday, May 31st. 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 note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $32.33.

Hormel Foods Price Performance

HRL opened at $31.77 on Friday. The firm has a 50-day moving average price of $32.04 and a 200-day moving average price of $32.93. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $39.58. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $17.42 billion, a price-to-earnings ratio of 22.69, a PEG ratio of 3.10 and a beta of 0.25.

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

Insiders Place Their Bets

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

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.