Palisade Asset Management LLC Has $5.72 Million Position in Hormel Foods Co. (NYSE:HRL)

Palisade Asset Management LLC decreased its stake in Hormel Foods Co. (NYSE:HRL) by 3.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 180,301 shares of the company’s stock after selling 7,338 shares during the period. Palisade Asset Management LLC’s holdings in Hormel Foods were worth $5,716,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. increased its position in Hormel Foods by 4.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 818,417 shares of the company’s stock valued at $25,944,000 after purchasing an additional 34,589 shares during the period. Grandfield & Dodd LLC boosted its stake in shares of Hormel Foods by 2.9% in the 3rd quarter. Grandfield & Dodd LLC now owns 924,365 shares of the company’s stock valued at $29,302,000 after purchasing an additional 26,390 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Hormel Foods by 26.2% during the second quarter. Canada Pension Plan Investment Board now owns 735,246 shares of the company’s stock worth $22,418,000 after buying an additional 152,800 shares during the period. Appian Way Asset Management LP bought a new position in Hormel Foods during the second quarter worth $11,811,000. Finally, Truist Financial Corp lifted its holdings in Hormel Foods by 110.8% in the second quarter. Truist Financial Corp now owns 37,228 shares of the company’s stock valued at $1,135,000 after buying an additional 19,571 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Trading Up 0.6 %

NYSE HRL opened at $30.67 on Friday. The company has a quick ratio of 1.03, a current ratio of 2.29 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 $36.86. The business has a 50 day moving average price of $31.05 and a 200-day moving average price of $31.76. The company has a market cap of $16.82 billion, a price-to-earnings ratio of 21.60, a P/E/G ratio of 3.23 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last posted its earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.95 billion. Hormel Foods had a net margin of 6.52% and a return on equity of 11.03%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.40 EPS. As a group, equities analysts expect that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were given a $0.282 dividend. This represents a $1.13 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date was Tuesday, October 15th. Hormel Foods’s payout ratio is currently 79.58%.

Wall Street Analysts Forecast Growth

HRL has been the subject of several research analyst reports. Stephens started coverage on Hormel Foods in a research report on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective for the company. Citigroup lowered their target price on Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday. Finally, BNP Paribas started coverage on Hormel Foods in a research note on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Hormel Foods presently has an average rating of “Hold” and a consensus target price of $31.29.

Insider Activity at Hormel Foods

In other news, VP Steven J. Lykken sold 9,800 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $31.91, for a total value of $312,718.00. Following the completion of the sale, the vice president now owns 30,589 shares in the company, valued at $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the transaction, the senior vice president now owns 39,050 shares in the company, valued at approximately $1,276,935. This trade represents a 20.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 71,400 shares of company stock valued at $2,288,338. 0.69% of the stock is owned by insiders.

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.