Accredited Investors Inc. Has $427,000 Stake in Hormel Foods Co. (NYSE:HRL)

Accredited Investors Inc. lowered its stake in shares of Hormel Foods Co. (NYSE:HRL) by 3.3% in the third quarter, Holdings Channel reports. The institutional investor owned 13,462 shares of the company’s stock after selling 463 shares during the period. Accredited Investors Inc.’s holdings in Hormel Foods were worth $427,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in Hormel Foods by 688.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after acquiring an additional 647 shares in the last quarter. International Assets Investment Management LLC bought a new position in Hormel Foods in the second quarter worth $34,000. Central Valley Advisors LLC bought a new position in Hormel Foods in the second quarter worth $37,000. GAMMA Investing LLC boosted its stake in Hormel Foods by 516.9% during the third quarter. GAMMA Investing LLC now owns 1,351 shares of the company’s stock worth $43,000 after buying an additional 1,132 shares in the last quarter. Finally, Sentry Investment Management LLC bought a new stake in Hormel Foods in the 2nd quarter valued at $42,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of Hormel Foods stock opened at $29.21 on Friday. The stock has a market capitalization of $16.02 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 3.10 and a beta of 0.26. The firm’s 50-day moving average price is $31.23 and its two-hundred day moving average price is $31.92. The company has a current ratio of 2.29, a quick ratio of 1.03 and a debt-to-equity ratio of 0.36. Hormel Foods Co. has a 1-year low of $28.51 and a 1-year high of $36.86.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The business had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the company earned $0.40 EPS. Hormel Foods’s revenue for the quarter was down 2.2% on a year-over-year basis. On average, equities analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current fiscal year.

Hormel Foods Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were issued a $0.282 dividend. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.86%. Hormel Foods’s dividend payout ratio is 79.58%.

Insider Buying and Selling

In related news, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $32.70, for a total value of $327,000.00. Following the completion of the transaction, the senior vice president now owns 39,050 shares in the company, valued at $1,276,935. The trade was a 20.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares in the company, valued at $2,313,850.95. The trade was a 41.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,400 shares of company stock worth $2,288,338 in the last 90 days. Corporate insiders own 0.69% of the company’s stock.

Wall Street Analyst Weigh In

HRL has been the topic of several recent research reports. BNP Paribas assumed coverage on shares of Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 target price on the stock. Citigroup raised Hormel Foods from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $33.00 to $37.00 in a report on Tuesday, August 13th. Finally, Stephens initiated coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $31.57.

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.