Cassaday & Co Wealth Management LLC Purchases Shares of 6,348 Hormel Foods Co. (NYSE:HRL)

Cassaday & Co Wealth Management LLC acquired a new position in shares of Hormel Foods Co. (NYSE:HRL) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 6,348 shares of the company’s stock, valued at approximately $201,000.

Several other large investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in Hormel Foods by 688.3% in the first 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 acquired a new stake in shares of Hormel Foods in the 2nd quarter valued at about $34,000. Central Valley Advisors LLC purchased a new position in Hormel Foods during the 2nd quarter worth approximately $37,000. Sentry Investment Management LLC purchased a new position in Hormel Foods during the 2nd quarter worth approximately $42,000. Finally, GAMMA Investing LLC increased its position 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 during the period. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on HRL. Citigroup upgraded shares of Hormel Foods from a “neutral” rating to a “buy” rating and raised their target price for the stock from $33.00 to $37.00 in a research report on Tuesday, August 13th. Stephens initiated coverage on shares of 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. Finally, BNP Paribas started coverage on shares of Hormel Foods in a research note on Monday, October 21st. They set an “underperform” rating and a $28.00 target price for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Hormel Foods has a consensus rating of “Hold” and a consensus price target of $31.57.

Insider Buying and Selling

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

Hormel Foods Trading Up 0.7 %

Shares of Hormel Foods stock opened at $29.40 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 2.29 and a debt-to-equity ratio of 0.36. The firm has a market cap of $16.12 billion, a price-to-earnings ratio of 20.70, a price-to-earnings-growth ratio of 3.10 and a beta of 0.26. Hormel Foods Co. has a 52-week low of $28.51 and a 52-week high of $36.86. The company’s 50-day simple moving average is $31.17 and its 200-day simple moving average is $31.85.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, September 4th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $2.90 billion for the quarter, compared to the consensus estimate of $2.95 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 earnings per share. As a group, equities research analysts anticipate that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Tuesday, October 15th were paid a $0.282 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.84%. The ex-dividend date was Tuesday, October 15th. Hormel Foods’s dividend payout ratio (DPR) is 79.58%.

Hormel Foods Company 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.