Hormel Foods Co. (NYSE:HRL) Shares Bought by DnB Asset Management AS

DnB Asset Management AS raised its stake in Hormel Foods Co. (NYSE:HRL) by 14.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 71,010 shares of the company’s stock after purchasing an additional 9,120 shares during the quarter. DnB Asset Management AS’s holdings in Hormel Foods were worth $2,228,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Crews Bank & Trust purchased a new position in Hormel Foods in the 4th quarter valued at $25,000. Fairway Wealth LLC acquired a new position in shares of Hormel Foods during the fourth quarter worth about $44,000. Capital Advisors Ltd. LLC raised its holdings in Hormel Foods by 86.9% during the fourth quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company’s stock worth $47,000 after purchasing an additional 690 shares in the last quarter. Lindbrook Capital LLC lifted its position in Hormel Foods by 91.8% in the fourth quarter. Lindbrook Capital LLC now owns 1,523 shares of the company’s stock valued at $48,000 after purchasing an additional 729 shares during the period. Finally, McIlrath & Eck LLC lifted its position in Hormel Foods by 47.5% in the third quarter. McIlrath & Eck LLC now owns 1,981 shares of the company’s stock valued at $63,000 after purchasing an additional 638 shares during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Hormel Foods Price Performance

HRL stock opened at $30.76 on Wednesday. The firm has a 50 day moving average of $29.54 and a 200-day moving average of $30.65. The company has a market cap of $16.91 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 2.73 and a beta of 0.21. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 12-month low of $27.59 and a 12-month high of $36.86.

Hormel Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, April 14th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, April 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.77%. Hormel Foods’s payout ratio is 84.67%.

Insider Buying and Selling at Hormel Foods

In other Hormel Foods news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $30.40, for a total transaction of $136,800.00. Following the completion of the transaction, the director now owns 95,488 shares in the company, valued at approximately $2,902,835.20. The trade was a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.72% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.