Neo Ivy Capital Management Sells 27,715 Shares of Hormel Foods Co. (NYSE:HRL)

Neo Ivy Capital Management lessened its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 94.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,673 shares of the company’s stock after selling 27,715 shares during the quarter. Neo Ivy Capital Management’s holdings in Hormel Foods were worth $54,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Clarity Asset Management Inc. purchased a new position in shares of Hormel Foods during the 4th quarter valued at about $54,000. Janiczek Wealth Management LLC boosted its holdings in Hormel Foods by 100.5% in the 4th quarter. Janiczek Wealth Management LLC now owns 2,061 shares of the company’s stock worth $66,000 after buying an additional 1,033 shares during the period. Federated Hermes Inc. increased its stake in Hormel Foods by 21.1% in the 4th quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after buying an additional 361 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Hormel Foods by 516.5% during the fourth quarter. Sound Income Strategies LLC now owns 2,546 shares of the company’s stock valued at $82,000 after acquiring an additional 2,133 shares during the period. Finally, RIA Advisory Group LLC bought a new position in shares of Hormel Foods in the fourth quarter worth about $86,000. Institutional investors own 40.99% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $28.00 to $29.00 in a report on Friday, May 31st. The Goldman Sachs Group raised their target price on shares of Hormel Foods from $26.00 to $28.00 and gave the company a “sell” rating in a research note on Friday, March 1st. Stephens reissued an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a report on Friday, May 31st. Barclays lifted their target price on Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Finally, Citigroup dropped their price target on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $31.67.

Hormel Foods Trading Down 0.6 %

HRL traded down $0.17 during trading on Friday, reaching $30.48. The company had a trading volume of 2,176,972 shares, compared to its average volume of 3,074,474. The stock has a market cap of $16.71 billion, a P/E ratio of 21.77, a PEG ratio of 2.94 and a beta of 0.25. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 52 week low of $28.51 and a 52 week high of $41.73. The business has a 50 day simple moving average of $34.09 and a 200-day simple moving average of $32.72.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The firm had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the business posted $0.40 EPS. Hormel Foods’s revenue was down 2.9% on a year-over-year basis. On average, equities analysts anticipate that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be paid a $0.2825 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Monday, July 15th. Hormel Foods’s payout ratio is 80.71%.

Insider Activity at Hormel Foods

In other news, SVP Kevin L. Myers sold 10,000 shares of the 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 sale, the senior vice president now owns 38,708 shares in the company, valued at $1,352,844.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Mark A. Coffey sold 15,400 shares of the firm’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $35.00, for a total transaction of $539,000.00. Following the sale, the vice president now owns 68,029 shares in the company, valued at $2,381,015. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Kevin L. Myers sold 10,000 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total transaction of $349,500.00. Following the sale, the senior vice president now directly owns 38,708 shares in the company, valued at $1,352,844.60. The disclosure for this sale can be found here. 0.69% of the stock is owned by insiders.

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.