SilverOak Wealth Management LLC Trims Stock Holdings in Hormel Foods Co. (NYSE:HRL)

SilverOak Wealth Management LLC lowered its stake in Hormel Foods Co. (NYSE:HRL) by 4.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 61,334 shares of the company’s stock after selling 3,000 shares during the quarter. Hormel Foods comprises about 0.4% of SilverOak Wealth Management LLC’s investment portfolio, making the stock its 28th biggest position. SilverOak Wealth Management LLC’s holdings in Hormel Foods were worth $1,870,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of HRL. PNC Financial Services Group Inc. boosted its holdings 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 valued at $4,959,000 after purchasing an additional 11,026 shares during the period. Focus Financial Network Inc. ADV purchased a new position in shares of Hormel Foods in the 4th quarter valued at about $1,021,000. Nomura Holdings Inc. raised its position in shares of Hormel Foods by 4.7% during the 4th quarter. Nomura Holdings Inc. now owns 31,967 shares of the company’s stock worth $1,026,000 after acquiring an additional 1,443 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Hormel Foods during the fourth quarter worth approximately $2,694,000. Finally, First Trust Advisors LP lifted its position in shares of Hormel Foods by 8.2% during the 4th quarter. First Trust Advisors LP now owns 2,583,700 shares of the company’s stock worth $82,963,000 after buying an additional 196,460 shares during the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Performance

NYSE HRL opened at $32.08 on Friday. The business’s 50-day moving average price is $31.87 and its 200 day moving average price is $32.96. 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 firm has a market cap of $17.59 billion, a P/E ratio of 22.91, a P/E/G ratio of 3.10 and a beta of 0.25. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $39.58.

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

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research analyst reports. Citigroup upgraded Hormel Foods from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. Finally, Stephens reiterated an “equal weight” rating and issued a $32.00 price objective on shares of Hormel Foods in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.33.

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.