Pittenger & Anderson Inc. Has $64,000 Stock Position in Hormel Foods Co. (NYSE:HRL)

Pittenger & Anderson Inc. cut its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 97.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,000 shares of the company’s stock after selling 72,860 shares during the period. Pittenger & Anderson Inc.’s holdings in Hormel Foods were worth $64,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of HRL. Atria Wealth Solutions Inc. lifted its holdings in Hormel Foods by 6.7% in the fourth quarter. Atria Wealth Solutions Inc. now owns 68,497 shares of the company’s stock valued at $2,199,000 after buying an additional 4,331 shares during the period. Cognios Beta Neutral Large Cap Fund LP lifted its stake in shares of Hormel Foods by 10.5% in the 4th quarter. Cognios Beta Neutral Large Cap Fund LP now owns 16,230 shares of the company’s stock valued at $521,000 after purchasing an additional 1,542 shares during the period. Linden Thomas Advisory Services LLC boosted its position in shares of Hormel Foods by 5.9% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,590 shares of the company’s stock worth $533,000 after purchasing an additional 920 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Hormel Foods by 4.8% during the fourth quarter. California Public Employees Retirement System now owns 1,775,780 shares of the company’s stock worth $57,020,000 after purchasing an additional 81,970 shares during the period. Finally, Duality Advisers LP bought a new stake in Hormel Foods in the fourth quarter valued at about $470,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Stock Up 0.9 %

NYSE HRL traded up $0.31 during trading hours on Friday, reaching $35.58. 833,673 shares of the company’s stock were exchanged, compared to its average volume of 3,061,846. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.79 and a current ratio of 1.49. The company has a market capitalization of $19.49 billion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 3.43 and a beta of 0.27. The company’s 50-day moving average is $33.71 and its two-hundred day moving average is $32.41. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.07. Hormel Foods had a net margin of 6.55% and a return on equity of 11.51%. The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the prior year, the company earned $0.40 earnings per share. The business’s quarterly revenue was up .9% compared to the same quarter last year. On average, analysts forecast that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, March 25th will be paid a $0.2825 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Friday, April 12th. Hormel Foods’s dividend payout ratio is 77.40%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on HRL. Piper Sandler raised their target price on Hormel Foods from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Friday, January 12th. Barclays lifted their price objective on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, March 1st. Citigroup started coverage on shares of Hormel Foods in a research note on Thursday, February 1st. They issued a “neutral” rating and a $31.00 target price for the company. The Goldman Sachs Group increased their target price on shares of Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Friday, March 1st. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.00.

Insider Activity

In related news, SVP Kevin L. Myers sold 10,000 shares of Hormel Foods stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the sale, the senior vice president now owns 38,708 shares of the company’s stock, valued at approximately $1,352,844.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Mark A. Coffey sold 15,400 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $35.00, for a total transaction of $539,000.00. Following the sale, the vice president now directly owns 68,029 shares in the company, valued at $2,381,015. The disclosure for this sale can be found here. Insiders have sold a total of 40,800 shares of company stock worth $1,414,872 over the last three months. Corporate insiders own 0.69% of the company’s stock.

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.