Main Street Financial Solutions LLC Reduces Position in Hormel Foods Co. (NYSE:HRL)

Main Street Financial Solutions LLC lowered its position in shares of Hormel Foods Co. (NYSE:HRL) by 2.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,046 shares of the company’s stock after selling 907 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Hormel Foods were worth $1,143,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. MQS Management LLC bought a new stake in Hormel Foods in the 3rd quarter worth approximately $213,000. Simmons Bank raised its stake in Hormel Foods by 28.5% during the third quarter. Simmons Bank now owns 8,573 shares of the company’s stock valued at $272,000 after purchasing an additional 1,901 shares in the last quarter. Empower Advisory Group LLC lifted its position in Hormel Foods by 3.7% during the third quarter. Empower Advisory Group LLC now owns 9,649 shares of the company’s stock valued at $306,000 after purchasing an additional 342 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Hormel Foods by 8.7% in the 3rd quarter. Victory Capital Management Inc. now owns 908,086 shares of the company’s stock worth $28,786,000 after buying an additional 72,941 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of 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 buying an additional 34,589 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of NYSE HRL opened at $30.39 on Thursday. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $36.86. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.03 and a current ratio of 2.29. The firm has a market capitalization of $16.66 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 3.22 and a beta of 0.26. The stock has a 50 day moving average price of $31.34 and a 200 day moving average price of $32.01.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings data on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The company had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.40 earnings per share. Sell-side analysts expect 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 will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $0.282 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Tuesday, October 15th. Hormel Foods’s payout ratio is currently 79.58%.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, EVP Deanna T. Brady sold 51,600 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares of the company’s stock, valued at $2,313,850.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $32.70, for a total transaction of $327,000.00. Following the completion of the transaction, the senior vice president now directly owns 39,050 shares of the company’s stock, valued at $1,276,935. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $31.95, for a total transaction of $1,648,620.00. Following the transaction, the executive vice president now owns 72,421 shares of the company’s stock, valued at approximately $2,313,850.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,400 shares of company stock valued at $2,288,338. Company 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.