Hormel Foods Co. (NYSE:HRL) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in Hormel Foods Co. (NYSE:HRL) by 30.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 574,466 shares of the company’s stock after selling 253,513 shares during the period. Bank of America Corp DE’s holdings in Hormel Foods were worth $18,021,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Crews Bank & Trust bought a new stake in shares of Hormel Foods during the 4th quarter valued at about $25,000. Fairway Wealth LLC acquired a new stake in shares of Hormel Foods during the 4th quarter worth approximately $44,000. Capital Advisors Ltd. LLC raised its position in shares of Hormel Foods by 86.9% during the 4th quarter. Capital Advisors Ltd. LLC now owns 1,484 shares of the company’s stock worth $47,000 after purchasing an additional 690 shares during the period. Lindbrook Capital LLC lifted its holdings in shares of Hormel Foods by 91.8% in the 4th quarter. Lindbrook Capital LLC now owns 1,523 shares of the company’s stock worth $48,000 after purchasing an additional 729 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Hormel Foods during the 4th quarter valued at approximately $48,000. Institutional investors own 40.99% of the company’s stock.

Hormel Foods Price Performance

Shares of HRL opened at $30.15 on Wednesday. Hormel Foods Co. has a one year low of $27.59 and a one year high of $36.80. The stock’s fifty day moving average is $29.93 and its 200-day moving average is $30.29. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32. The firm has a market capitalization of $16.58 billion, a price-to-earnings ratio of 20.65, a price-to-earnings-growth ratio of 2.73 and a beta of 0.34.

Hormel Foods Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, July 14th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, July 14th. This represents a $1.16 annualized dividend and a yield of 3.85%. Hormel Foods’s payout ratio is 84.67%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on HRL shares. Barclays raised Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Stephens reiterated an “equal weight” rating and issued a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. Finally, Bank of America upgraded shares of Hormel Foods from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $29.00 to $35.00 in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $32.33.

Insider Buying and Selling at Hormel Foods

In other news, Director Elsa A. Murano sold 4,500 shares of Hormel Foods stock in a transaction on Thursday, March 27th. The stock was sold at an average price of $30.40, for a total transaction of $136,800.00. Following the transaction, the director now directly owns 95,488 shares in the company, valued at approximately $2,902,835.20. This trade represents a 4.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is owned by corporate insiders.

About Hormel Foods

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.