BTS Asset Management Inc. Takes Position in Hormel Foods Co. (NYSE:HRL)

BTS Asset Management Inc. purchased a new position in Hormel Foods Co. (NYSE:HRL) during the 4th quarter, Holdings Channel reports. The fund purchased 16,928 shares of the company’s stock, valued at approximately $531,000. Hormel Foods comprises 0.5% of BTS Asset Management Inc.’s holdings, making the stock its 12th largest holding.

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in Hormel Foods during the 3rd quarter valued at about $32,000. Prospera Private Wealth LLC acquired a new position in shares of Hormel Foods during the 3rd quarter worth about $39,000. GAMMA Investing LLC grew its stake in Hormel Foods by 516.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,351 shares of the company’s stock valued at $43,000 after acquiring an additional 1,132 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Hormel Foods during the third quarter worth about $47,000. Finally, McIlrath & Eck LLC raised its holdings in Hormel Foods by 47.5% in the 3rd quarter. McIlrath & Eck LLC now owns 1,981 shares of the company’s stock valued at $63,000 after buying an additional 638 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Hormel Foods Stock Up 0.1 %

Shares of HRL stock opened at $29.93 on Friday. The stock has a fifty day moving average price of $31.29 and a 200 day moving average price of $31.46. Hormel Foods Co. has a one year low of $28.51 and a one year high of $36.86. The stock has a market cap of $16.43 billion, a P/E ratio of 20.50, a price-to-earnings-growth ratio of 2.85 and a beta of 0.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.32 and a quick ratio of 1.19.

Hormel Foods (NYSE:HRL) last released its quarterly earnings data on Wednesday, December 4th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.01). The firm had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.14 billion. Hormel Foods had a return on equity of 10.95% and a net margin of 6.75%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 EPS. Analysts predict that Hormel Foods Co. will post 1.65 earnings per share for the current year.

Hormel Foods Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Stockholders of record on Monday, January 13th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Monday, January 13th. This is an increase from Hormel Foods’s previous quarterly dividend of $0.28. Hormel Foods’s dividend payout ratio is 77.40%.

Insider Activity at Hormel Foods

In related news, VP Steven J. Lykken acquired 4,904 shares of the company’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $32.47 per share, for a total transaction of $159,232.88. Following the purchase, the vice president now owns 7,100 shares in the company, valued at approximately $230,537. The trade was a 223.32 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.72% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on HRL shares. Citigroup reduced their price target on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. BNP Paribas assumed coverage on Hormel Foods in a research report on Monday, October 21st. They issued an “underperform” rating and a $28.00 price target for the company. Finally, Stephens started coverage on Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 target price for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Hormel Foods currently has a consensus rating of “Hold” and a consensus target price of $31.00.

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.