Ironwood Investment Counsel LLC Sells 1,484 Shares of Hormel Foods Co. (NYSE:HRL)

Ironwood Investment Counsel LLC trimmed its holdings in Hormel Foods Co. (NYSE:HRL) by 17.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,900 shares of the company’s stock after selling 1,484 shares during the quarter. Ironwood Investment Counsel LLC’s holdings in Hormel Foods were worth $241,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. CVA Family Office LLC purchased a new stake in Hormel Foods during the 1st quarter valued at about $31,000. Register Financial Advisors LLC purchased a new stake in Hormel Foods during the 1st quarter valued at about $42,000. Capital Advisors Ltd. LLC grew its position in Hormel Foods by 774.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock valued at $42,000 after purchasing an additional 1,077 shares during the last quarter. Clarity Asset Management Inc. purchased a new stake in Hormel Foods during the 4th quarter valued at about $54,000. Finally, Lindbrook Capital LLC grew its position in Hormel Foods by 396.9% during the 1st quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock valued at $61,000 after purchasing an additional 1,397 shares during the last quarter. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Stock Performance

NYSE HRL traded down $0.45 on Monday, reaching $31.34. 1,717,697 shares of the stock were exchanged, compared to its average volume of 2,807,970. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73. The firm has a market capitalization of $17.18 billion, a PE ratio of 22.39, a PEG ratio of 3.05 and a beta of 0.24. The company’s 50-day simple moving average is $31.86 and its two-hundred day simple moving average is $32.54. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. Analysts expect that Hormel Foods Co. will post 1.6 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date is Monday, July 15th. Hormel Foods’s dividend payout ratio (DPR) is presently 80.71%.

Analyst Ratings Changes

A number of analysts have recently issued reports on HRL shares. Citigroup dropped their price target on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $28.00 to $29.00 in a report on Friday, May 31st. Finally, Stephens reissued an “equal weight” rating and issued a $32.00 price objective on shares of Hormel Foods in a report on Friday, May 31st. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $31.67.

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.