Salomon & Ludwin LLC Sells 1,135 Shares of Hormel Foods Co. (NYSE:HRL)

Salomon & Ludwin LLC lowered its holdings in shares of Hormel Foods Co. (NYSE:HRL) by 30.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,615 shares of the company’s stock after selling 1,135 shares during the quarter. Salomon & Ludwin LLC’s holdings in Hormel Foods were worth $91,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in HRL. Adage Capital Partners GP L.L.C. grew its holdings in shares of Hormel Foods by 33.1% in the third quarter. Adage Capital Partners GP L.L.C. now owns 106,596 shares of the company’s stock worth $4,054,000 after purchasing an additional 26,500 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in shares of Hormel Foods by 129.4% during the third quarter. Royal London Asset Management Ltd. now owns 234,072 shares of the company’s stock valued at $8,904,000 after acquiring an additional 132,048 shares in the last quarter. Revisor Wealth Management LLC purchased a new stake in shares of Hormel Foods in the third quarter valued at approximately $288,000. Diversified Trust Co grew its stake in Hormel Foods by 10.7% in the third quarter. Diversified Trust Co now owns 26,230 shares of the company’s stock worth $998,000 after purchasing an additional 2,530 shares in the last quarter. Finally, Carlson Capital Management increased its holdings in Hormel Foods by 6.2% during the 3rd quarter. Carlson Capital Management now owns 7,878 shares of the company’s stock worth $300,000 after purchasing an additional 457 shares during the period. 40.99% of the stock is owned by hedge funds and other institutional investors.

Hormel Foods Stock Down 0.4 %

Shares of NYSE HRL traded down $0.11 during trading hours on Tuesday, hitting $30.04. 2,464,993 shares of the stock were exchanged, compared to its average volume of 2,850,526. Hormel Foods Co. has a 12 month low of $28.51 and a 12 month high of $41.73. The firm has a fifty day moving average price of $32.69 and a 200-day moving average price of $32.61. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The company has a market cap of $16.47 billion, a PE ratio of 21.56, a PEG ratio of 2.90 and a beta of 0.24.

Hormel Foods (NYSE:HRL) last released its quarterly earnings results on Thursday, May 30th. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the company earned $0.40 earnings per share. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Hormel Foods Co. will post 1.6 EPS for the current year.

Hormel Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $0.2825 dividend. This represents a $1.13 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend is Monday, July 15th. Hormel Foods’s payout ratio is currently 80.71%.

Wall Street Analyst Weigh In

HRL has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised Hormel Foods from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $28.00 to $29.00 in a research report on Friday, May 31st. Citigroup lowered their price target on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Finally, Stephens reissued an “equal weight” rating and set a $32.00 price objective on shares of Hormel Foods in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $31.67.

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.