Engineers Gate Manager LP Purchases Shares of 188,815 Hormel Foods Corp (HRL)
Engineers Gate Manager LP acquired a new stake in Hormel Foods Corp (NYSE:HRL) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 188,815 shares of the company’s stock, valued at approximately $6,069,000. Hormel Foods comprises about 0.5% of Engineers Gate Manager LP’s portfolio, making the stock its 7th largest position.
Other hedge funds have also added to or reduced their stakes in the company. Dupont Capital Management Corp acquired a new stake in Hormel Foods in the 3rd quarter valued at about $100,000. Acrospire Investment Management LLC acquired a new stake in Hormel Foods in the 2nd quarter valued at about $111,000. BB&T Investment Services Inc. acquired a new stake in Hormel Foods in the 2nd quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. raised its holdings in Hormel Foods by 0.4% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,766 shares of the company’s stock valued at $163,000 after acquiring an additional 19 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in Hormel Foods in the 2nd quarter valued at about $189,000. Institutional investors own 38.33% of the company’s stock.
Hormel Foods Corp (NYSE HRL) traded up $0.91 during trading hours on Tuesday, hitting $37.68. 3,424,300 shares of the company were exchanged, compared to its average volume of 2,410,223. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.91 and a quick ratio of 1.04. The stock has a market cap of $19,890.00, a PE ratio of 23.27, a P/E/G ratio of 2.37 and a beta of 0.65. Hormel Foods Corp has a 1 year low of $29.75 and a 1 year high of $37.97.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Tuesday, November 21st. The company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01. The firm had revenue of $2.49 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Hormel Foods had a net margin of 9.24% and a return on equity of 17.87%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. equities analysts predict that Hormel Foods Corp will post 1.67 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Tuesday, January 16th will be given a dividend of $0.1875 per share. The ex-dividend date is Friday, January 12th. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.99%. This is a boost from Hormel Foods’s previous quarterly dividend of $0.17. Hormel Foods’s dividend payout ratio (DPR) is presently 43.31%.
In related news, insider Donald H. Kremin sold 100,000 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $31.66, for a total transaction of $3,166,000.00. Following the completion of the transaction, the insider now owns 887 shares of the company’s stock, valued at approximately $28,082.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gary Jamison sold 4,169 shares of the stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $36.48, for a total transaction of $152,085.12. Following the transaction, the vice president now directly owns 12,615 shares of the company’s stock, valued at approximately $460,195.20. The disclosure for this sale can be found here. Insiders have sold a total of 278,932 shares of company stock valued at $9,245,955 in the last ninety days. 3.54% of the stock is currently owned by corporate insiders.
HRL has been the subject of a number of recent analyst reports. Morgan Stanley initiated coverage on shares of Hormel Foods in a report on Friday, November 3rd. They set an “underweight” rating and a $26.00 price target for the company. BMO Capital Markets restated a “buy” rating and set a $38.00 price target on shares of Hormel Foods in a report on Monday, November 6th. Zacks Investment Research upgraded shares of Hormel Foods from a “sell” rating to a “hold” rating in a report on Monday, September 11th. Mizuho restated a “hold” rating and set a $33.00 price target on shares of Hormel Foods in a report on Wednesday, October 4th. Finally, Credit Suisse Group dropped coverage on shares of Hormel Foods in a report on Saturday, August 26th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $35.50.
About Hormel Foods
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