Intech Investment Management LLC Has $6.85 Million Stock Position in Hormel Foods Co. (NYSE:HRL)

Intech Investment Management LLC cut its position in Hormel Foods Co. (NYSE:HRL) by 7.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 196,409 shares of the company’s stock after selling 16,191 shares during the quarter. Intech Investment Management LLC’s holdings in Hormel Foods were worth $6,853,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in HRL. CVA Family Office LLC acquired a new stake in shares of Hormel Foods in the 1st quarter valued at $31,000. Register Financial Advisors LLC acquired a new position in Hormel Foods during the first quarter worth about $42,000. Capital Advisors Ltd. LLC raised its stake in Hormel Foods by 774.8% during the first quarter. Capital Advisors Ltd. LLC now owns 1,216 shares of the company’s stock worth $42,000 after acquiring an additional 1,077 shares in the last quarter. Clarity Asset Management Inc. acquired a new stake in Hormel Foods in the fourth quarter valued at approximately $54,000. Finally, Lindbrook Capital LLC boosted its position in Hormel Foods by 396.9% in the first quarter. Lindbrook Capital LLC now owns 1,749 shares of the company’s stock valued at $61,000 after buying an additional 1,397 shares in the last quarter. 40.99% of the stock is currently owned by institutional investors and hedge funds.

Hormel Foods Trading Down 1.4 %

HRL stock traded down $0.44 during trading on Friday, hitting $31.79. The company had a trading volume of 2,235,748 shares, compared to its average volume of 2,091,210. The stock has a market cap of $17.43 billion, a PE ratio of 22.71, a PEG ratio of 3.05 and a beta of 0.24. The business has a 50-day moving average of $31.94 and a 200-day moving average of $32.55. The company has a current ratio of 1.73, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, May 30th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.97 billion. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. Hormel Foods’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.40 earnings per share. Research analysts predict that Hormel Foods Co. will post 1.6 earnings per share for the current fiscal year.

Hormel Foods Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $0.2825 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.55%. Hormel Foods’s payout ratio is presently 80.71%.

Analyst Upgrades and Downgrades

HRL has been the topic of a number of research analyst reports. Citigroup cut their target price on shares of 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 reaffirmed an “equal weight” rating and issued a $32.00 target price on shares of Hormel Foods in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. upgraded shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. One equities research 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 company has an average rating of “Hold” and an average 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.