KLP Kapitalforvaltning AS Acquires New Shares in Hormel Foods Co. (NYSE:HRL)

KLP Kapitalforvaltning AS bought a new position in Hormel Foods Co. (NYSE:HRL) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 102,848 shares of the company’s stock, valued at approximately $3,226,000.

Other hedge funds have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new position in shares of Hormel Foods in the fourth quarter worth $25,000. Brooklyn Investment Group bought a new position in Hormel Foods in the 3rd quarter worth about $32,000. Fairway Wealth LLC purchased a new stake in shares of Hormel Foods in the 4th quarter valued at about $44,000. Capital Advisors Ltd. LLC boosted its position in shares of Hormel Foods by 86.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company’s stock valued at $47,000 after acquiring an additional 690 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in shares of Hormel Foods by 91.8% during the fourth quarter. Lindbrook Capital LLC now owns 1,523 shares of the company’s stock worth $48,000 after purchasing an additional 729 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Stephens reaffirmed an “equal weight” rating and issued a $31.00 target price on shares of Hormel Foods in a research note on Tuesday, February 18th. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.80.

Hormel Foods Stock Performance

NYSE:HRL opened at $29.59 on Thursday. Hormel Foods Co. has a 1-year low of $27.59 and a 1-year high of $36.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19. The business has a 50 day moving average of $29.50 and a 200 day moving average of $30.70. The company has a market capitalization of $16.27 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 2.73 and a beta of 0.21.

Hormel Foods Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, April 14th will be paid a $0.29 dividend. The ex-dividend date is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.92%. Hormel Foods’s dividend payout ratio (DPR) is 84.67%.

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.