Salomon & Ludwin LLC Sells 1,135 Shares of Hormel Foods Co. (NYSE:HRL)

Salomon & Ludwin LLC lowered its position in Hormel Foods Co. (NYSE:HRL) by 30.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,615 shares of the company’s stock after selling 1,135 shares during the period. Salomon & Ludwin LLC’s holdings in Hormel Foods were worth $91,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CVA Family Office LLC bought a new stake in Hormel Foods during the 1st quarter valued at $31,000. Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods in the 1st quarter worth about $42,000. Capital Advisors Ltd. LLC lifted its position in 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 acquiring an additional 1,077 shares in the last quarter. Clarity Asset Management Inc. acquired a new position in Hormel Foods during the 4th quarter valued at about $54,000. Finally, Lindbrook Capital LLC increased its holdings in Hormel Foods by 396.9% during the 1st quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock worth $61,000 after purchasing an additional 1,397 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Stock Performance

Shares of Hormel Foods stock traded down $0.11 during trading hours on Tuesday, hitting $30.04. 2,464,993 shares of the company’s stock traded hands, compared to its average volume of 2,850,526. The company has a fifty day simple moving average of $32.69 and a 200-day simple moving average of $32.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.73 and a quick ratio of 1.00. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 2.90 and a beta of 0.24. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73.

Hormel Foods (NYSE:HRL) last announced 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 business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the firm posted $0.40 earnings per share. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts anticipate that Hormel Foods Co. will post 1.6 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $0.2825 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.13 annualized dividend and a dividend yield of 3.76%. Hormel Foods’s payout ratio is presently 80.71%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Citigroup cut their target price on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Stephens reiterated an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a research note on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and increased their target price for the company from $28.00 to $29.00 in a report 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 MarketBeat.com, Hormel Foods has an average rating of “Hold” and a consensus price target of $31.67.

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.