Significant Wealth Partners LLC Buys Shares of 8,487 Hormel Foods Co. (NYSE:HRL)

Significant Wealth Partners LLC purchased a new position in Hormel Foods Co. (NYSE:HRL) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,487 shares of the company’s stock, valued at approximately $296,000.

A number of other hedge funds have also modified their holdings of the stock. CVA Family Office LLC bought a new stake in Hormel Foods in the first quarter worth approximately $31,000. Register Financial Advisors LLC acquired a new stake in shares of Hormel Foods in the 1st quarter valued at $42,000. Capital Advisors Ltd. LLC boosted its holdings in Hormel Foods by 774.8% in the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock worth $42,000 after purchasing an additional 1,077 shares in the last quarter. Clarity Asset Management Inc. acquired a new stake in shares of Hormel Foods in the fourth quarter worth about $54,000. Finally, Lindbrook Capital LLC boosted its stake in shares of 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 acquiring an additional 1,397 shares in the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Stock Performance

Shares of HRL traded down $0.20 during mid-day trading on Monday, hitting $30.77. The company’s stock had a trading volume of 832,060 shares, compared to its average volume of 2,824,721. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73. The stock’s 50-day moving average is $32.31 and its two-hundred day moving average is $32.57. The firm has a market capitalization of $16.87 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 2.97 and a beta of 0.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.73.

Hormel Foods (NYSE:HRL) last issued its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.97 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business’s revenue was down 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS. As a group, sell-side analysts anticipate that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Dividend Announcement

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 issued a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend is Monday, July 15th. Hormel Foods’s payout ratio is presently 80.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on HRL. Citigroup cut their price objective on Hormel Foods from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Finally, 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. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price 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.