SlateStone Wealth LLC Sells 1,350 Shares of Hormel Foods Co. (NYSE:HRL)

SlateStone Wealth LLC lowered its stake in shares of Hormel Foods Co. (NYSE:HRL) by 8.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,695 shares of the company’s stock after selling 1,350 shares during the quarter. SlateStone Wealth LLC’s holdings in Hormel Foods were worth $461,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. GWN Securities Inc. acquired a new position in Hormel Foods during the 4th quarter valued at about $944,000. Envestnet Portfolio Solutions Inc. lifted its position in Hormel Foods by 24.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 114,995 shares of the company’s stock valued at $3,607,000 after purchasing an additional 22,839 shares during the period. Natixis Advisors LLC lifted its position in Hormel Foods by 4.4% during the 4th quarter. Natixis Advisors LLC now owns 69,538 shares of the company’s stock valued at $2,181,000 after purchasing an additional 2,957 shares during the period. Avantax Advisory Services Inc. lifted its position in Hormel Foods by 4.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 71,659 shares of the company’s stock valued at $2,248,000 after purchasing an additional 2,971 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Hormel Foods by 5.6% in the 4th quarter. HighTower Advisors LLC now owns 81,659 shares of the company’s stock valued at $2,562,000 after acquiring an additional 4,299 shares during the period. Institutional investors own 40.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on HRL shares. Citigroup cut their price target on shares of Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Barclays upgraded shares of Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Finally, Stephens reiterated an “equal weight” rating and issued a $31.00 price target on shares of Hormel Foods in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $31.80.

Hormel Foods Stock Performance

Shares of HRL stock opened at $29.53 on Monday. The company has a market capitalization of $16.24 billion, a P/E ratio of 20.22, a price-to-earnings-growth ratio of 2.73 and a beta of 0.21. Hormel Foods Co. has a 52 week low of $27.59 and a 52 week high of $36.86. The company’s 50 day moving average price is $29.59 and its two-hundred day moving average price is $30.84. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.19 and a current ratio of 2.32.

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.