Elite Wealth Management Lowers stake in Hormel Foods Corp (HRL)

Hormel Foods Corp (HRL) : Elite Wealth Management reduced its stake in Hormel Foods Corp by 8.88% during the most recent quarter end. The investment management company now holds a total of 34,073 shares of Hormel Foods Corp which is valued at $1,292,048 after selling 3,319 shares in Hormel Foods Corp , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Hormel Foods Corp makes up approximately 1.89% of Elite Wealth Management’s portfolio.

Other Hedge Funds, Including , Elite Wealth Management reduced its stake in HRL by selling 3,319 shares or 8.88% in the most recent quarter. The Hedge Fund company now holds 34,073 shares of HRL which is valued at $1,292,048. Hormel Foods Corp makes up approx 1.89% of Elite Wealth Management’s portfolio.Advisory Services Network reduced its stake in HRL by selling 687 shares or 38.97% in the most recent quarter. The Hedge Fund company now holds 1,076 shares of HRL which is valued at $40,296. Hormel Foods Corp makes up approx 0.01% of Advisory Services Network’s portfolio. Central Bank Trust Co added HRL to its portfolio by purchasing 73 company shares during the most recent quarter which is valued at $2,734.Bnp Paribas Arbitrage Sa reduced its stake in HRL by selling 13,652 shares or 15.28% in the most recent quarter. The Hedge Fund company now holds 75,670 shares of HRL which is valued at $2,792,980. Hormel Foods Corp makes up approx 0.01% of Bnp Paribas Arbitrage Sa’s portfolio.Ct Mason reduced its stake in HRL by selling 23,613 shares or 38.08% in the most recent quarter. The Hedge Fund company now holds 38,395 shares of HRL which is valued at $1,417,159. Hormel Foods Corp makes up approx 0.63% of Ct Mason’s portfolio.

Hormel Foods Corp closed down -0.13 points or -0.34% at $37.92 with 11,50,562 shares getting traded on Friday. Post opening the session at $38.05, the shares hit an intraday low of $37.87 and an intraday high of $38.16 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Hormel Foods Corp reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 18, 2016. Analyst had a consensus of $0.35. The company had revenue of $2302.38 million for the quarter, compared to analysts expectations of $2260.70 million. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS.

Many Wall Street Analysts have commented on Hormel Foods Corp. Hormel Foods Corp was Upgraded by Edward Jones to ” Buy” on Aug 24, 2016. Hormel Foods Corp was Upgraded by Credit Suisse to ” Outperform” on Aug 22, 2016.

Hormel Foods Corporation is a multinational manufacturer and marketer of food and meat products. The Company has five segments: Grocery Products which consists of the processing marketing and sale of shelf-stable food products sold primarily in the retail market; Refrigerated Foods which consists of the processing marketing and sale of branded and unbranded pork and beef products for retail foodservice and fresh product customers; Jennie-O Turkey Store which consists of the processing marketing and sale of branded and unbranded turkey products for retail foodservice and fresh product customers; Specialty Foods which consists of the packaging and sale of private label shelf stable products nutritional products sugar and condiments to industrial retail and foodservice customers and International & Other which includes the Hormel Foods International operating segment which manufactures markets and sells the Company products internationally.

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