Cassaday & Co Wealth Management LLC Makes New $201,000 Investment in Hormel Foods Co. (NYSE:HRL)

Cassaday & Co Wealth Management LLC purchased a new stake in Hormel Foods Co. (NYSE:HRL) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,348 shares of the company’s stock, valued at approximately $201,000.

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

Insider Buying and Selling

In other Hormel Foods news, VP Steven J. Lykken sold 9,800 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.91, for a total transaction of $312,718.00. Following the completion of the transaction, the vice president now owns 30,589 shares in the company, valued at $976,094.99. The trade was a 24.26 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kevin L. Myers sold 10,000 shares of the firm’s 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 completion of the sale, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. The trade was a 20.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,400 shares of company stock valued at $2,288,338 in the last three months. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Trading Up 0.7 %

Shares of NYSE HRL opened at $29.40 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $16.12 billion, a PE ratio of 20.70, a PEG ratio of 3.10 and a beta of 0.26. Hormel Foods Co. has a twelve month low of $28.51 and a twelve month high of $36.86. The stock has a fifty day simple moving average of $31.17 and a 200-day simple moving average of $31.85.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the firm earned $0.40 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th were paid a $0.282 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.84%. The ex-dividend date was Tuesday, October 15th. Hormel Foods’s payout ratio is currently 79.58%.

Analyst Ratings Changes

A number of analysts have recently issued reports on HRL shares. Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their price target for the stock from $33.00 to $37.00 in a report on Tuesday, August 13th. Stephens began coverage on Hormel Foods in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price on the stock. Finally, BNP Paribas assumed coverage on Hormel Foods in a report on Monday, October 21st. They set an “underperform” rating and a $28.00 price target for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.57.

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.