Hormel Foods Corporation (HRL) Trending Today Following CFO Resignation

With a general bullishness amongst the heavyweights, key money managers have jumped into Hormel Foods Corporation (NYSE:HRL) headfirst. Israel Englander’s Millennium Management assembled the most valuable position in Hormel Foods Corporation (NYSE:HRL). Millennium Management had $17.8 million invested in the company at the end of the quarter. Anand Parekh’s Alyeska Investment Group also made a $8.7 million investment in the stock during the quarter. The following funds were also among the new HRL investors: Matthew Tewksbury’s Stevens Capital Management, Ken Griffin’s Citadel Investment Group, and Alec Litowitz and Ross Laser’s Magnetar Capital.

Let’s now review hedge fund activity in other stocks similar to Hormel Foods Corporation (NYSE:HRL). We will take a look at TE Connectivity Ltd. (NYSE:TEL), Fiserv, Inc. (NASDAQ:FISV), Equinix Inc (NASDAQ:EQIX), and Charter Communications, Inc. (NASDAQ:CHTR). All of these stocks’ market caps resemble HRL’s market cap.

As you can see these stocks had an average of 48 hedge funds with bullish positions and the average amount invested in these stocks was $4263 million. That figure was $255 million in HRL’s case. Charter Communications, Inc. (NASDAQ:CHTR) is the most popular stock in this table. On the other hand Fiserv, Inc. (NASDAQ:FISV) is the least popular one with only 24 bullish hedge fund positions. Compared to these stocks Hormel Foods Corporation (NYSE:HRL) is even less popular than FISV. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

Disclosure: None