Hormel Foods Co. (NYSE:HRL) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 2.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 35,820 shares of the company’s stock after selling 820 shares during the period. Mutual of America Capital Management LLC’s holdings in Hormel Foods were worth $1,135,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Hormel Foods by 4.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company’s stock worth $25,944,000 after purchasing an additional 34,589 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Hormel Foods by 26.2% during the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company’s stock worth $22,418,000 after buying an additional 152,800 shares in the last quarter. Appian Way Asset Management LP acquired a new position in shares of Hormel Foods in the second quarter worth $11,811,000. Truist Financial Corp lifted its position in shares of Hormel Foods by 110.8% in the second quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock valued at $1,135,000 after acquiring an additional 19,571 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Hormel Foods by 4.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 404,445 shares of the company’s stock valued at $14,112,000 after acquiring an additional 17,208 shares during the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Stephens began coverage on shares of Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price for the company. BNP Paribas assumed coverage on shares of Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price objective for the company. Finally, Citigroup decreased their target price on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.29.

Hormel Foods Trading Up 2.5 %

NYSE HRL opened at $31.44 on Tuesday. The company has a market cap of $17.24 billion, a P/E ratio of 22.14, a P/E/G ratio of 3.25 and a beta of 0.26. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $36.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The company has a 50-day moving average of $31.02 and a 200-day moving average of $31.69.

Hormel Foods (NYSE:HRL) last issued its quarterly 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. The firm had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. Hormel Foods’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 earnings per share. As a group, equities analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 18th. Investors of record on Monday, January 13th will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.69%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s dividend payout ratio (DPR) is presently 79.58%.

Insider Buying and Selling at Hormel Foods

In related news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. The trade was a 20.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the sale, the vice president now owns 30,589 shares of the company’s stock, valued at approximately $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 71,400 shares of company stock valued at $2,288,338. Company insiders own 0.69% of the company’s stock.

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.