Hormel Foods Co. (NYSE:HRL) Shares Acquired by City State Bank

City State Bank lifted its stake in Hormel Foods Co. (NYSE:HRL) by 131.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,050 shares of the company’s stock after purchasing an additional 1,163 shares during the quarter. City State Bank’s holdings in Hormel Foods were worth $63,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after buying an additional 647 shares in the last quarter. CVA Family Office LLC purchased a new position in Hormel Foods during the first quarter worth about $31,000. Register Financial Advisors LLC acquired a new position in Hormel Foods in the 1st quarter valued at about $42,000. Capital Advisors Ltd. LLC grew its stake in shares of Hormel Foods by 774.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock valued at $42,000 after buying an additional 1,077 shares during the period. Finally, Clarity Asset Management Inc. acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Trading Down 0.9 %

Shares of HRL traded down $0.30 during midday trading on Tuesday, hitting $31.80. 2,487,430 shares of the stock were exchanged, compared to its average volume of 2,767,443. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73. The firm has a market cap of $17.44 billion, a P/E ratio of 22.81, a P/E/G ratio of 3.11 and a beta of 0.24. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $41.73. The stock has a fifty day simple moving average of $31.11 and a 200 day simple moving average of $32.56.

Hormel Foods (NYSE:HRL) last released its earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.97 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.40 EPS. On average, research analysts anticipate that Hormel Foods Co. will post 1.6 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $0.2825 per share. The ex-dividend date is Monday, July 15th. This represents a $1.13 annualized dividend and a yield of 3.55%. Hormel Foods’s dividend payout ratio is currently 80.71%.

Analyst Ratings Changes

Several research analysts recently weighed in on HRL shares. Citigroup lowered their price objective on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Stephens reiterated an “equal weight” rating and set a $32.00 price target on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised 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 research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and a consensus target price of $31.67.

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.