Oppenheimer & Co. Inc. Reduces Stock Holdings in Hormel Foods Corp (NYSE:HRL)
Oppenheimer & Co. Inc. cut its holdings in shares of Hormel Foods Corp (NYSE:HRL) by 68.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,892 shares of the company’s stock after selling 15,031 shares during the period. Oppenheimer & Co. Inc.’s holdings in Hormel Foods were worth $280,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in HRL. Ontario Teachers Pension Plan Board lifted its holdings in shares of Hormel Foods by 91.3% during the second quarter. Ontario Teachers Pension Plan Board now owns 288,284 shares of the company’s stock worth $11,687,000 after purchasing an additional 137,601 shares during the period. Bank of Montreal Can lifted its holdings in Hormel Foods by 24.4% in the second quarter. Bank of Montreal Can now owns 503,807 shares of the company’s stock valued at $20,424,000 after acquiring an additional 98,680 shares during the period. Pittenger & Anderson Inc. lifted its holdings in Hormel Foods by 0.6% in the second quarter. Pittenger & Anderson Inc. now owns 52,150 shares of the company’s stock valued at $2,114,000 after acquiring an additional 315 shares during the period. Cognios Capital LLC lifted its holdings in Hormel Foods by 0.7% in the second quarter. Cognios Capital LLC now owns 54,207 shares of the company’s stock valued at $2,197,000 after acquiring an additional 354 shares during the period. Finally, Panagora Asset Management Inc. lifted its holdings in Hormel Foods by 5.8% in the second quarter. Panagora Asset Management Inc. now owns 122,782 shares of the company’s stock valued at $4,977,000 after acquiring an additional 6,692 shares during the period. Institutional investors and hedge funds own 44.37% of the company’s stock.
Several research analysts have recently issued reports on the company. Buckingham Research cut their price target on Hormel Foods from $38.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, May 24th. BMO Capital Markets set a $44.00 price target on Hormel Foods and gave the stock a “hold” rating in a research note on Friday, August 23rd. Zacks Investment Research raised Hormel Foods from a “sell” rating to a “hold” rating and set a $45.00 price target for the company in a research note on Tuesday, August 27th. Stephens set a $37.00 price target on Hormel Foods and gave the stock a “hold” rating in a research note on Monday, August 12th. Finally, Edward Jones downgraded Hormel Foods from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $40.10.
Hormel Foods stock traded down $0.55 during midday trading on Friday, reaching $43.45. 68,288 shares of the company were exchanged, compared to its average volume of 2,500,425. The company has a market capitalization of $23.42 billion, a price-to-earnings ratio of 22.94, a P/E/G ratio of 3.34 and a beta of 0.06. The firm’s 50-day simple moving average is $41.85 and its 200-day simple moving average is $41.47. Hormel Foods Corp has a 1 year low of $37.00 and a 1 year high of $46.26. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.06 and a current ratio of 2.09.
Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, August 22nd. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Hormel Foods had a return on equity of 16.75% and a net margin of 10.34%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 EPS. On average, analysts forecast that Hormel Foods Corp will post 1.74 EPS for the current fiscal year.
Hormel Foods Company Profile
Hormel Foods Corporation produces and markets various meat and food products in the United States and internationally. The company operates through five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. It offers various perishable meat products, including fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products, such as canned luncheon meats, peanut butters, chilies, shelf-stable microwaveable meals, hashes, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other products.
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