LONDON, UK / ACCESSWIRE / September 29, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Hormel Foods Corp. (NYSE: HRL), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=HRL. The Company announced on September 27, 2017, the retirement of Jeffrey M. Ettinger as Chairman of the Board, after serving in the role for approximately 11 years. The Company’s Board of Directors elected Jim Snee to be the next Chairman, effective November 20, 2017, adding to Snee’s current responsibilities as Chief Executive Officer (CEO) and President of Hormel Foods. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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About Jim Snee
Snee was appointed CEO on October 31, 2016, after serving as President and Chief Operating Officer (COO) since October 2015. Snee’s career with Hormel Foods spans 28 years.
As President and CEO, Snee has been instrumental in adding to the Company’s mission of becoming a broader and global food Company. Hormel Foods recently announced its entry into South America with the acquisition of the Ceratti® brand, adding to its international roster. This acquisition, along with the Fontanini® and Justin’s® brands, marked the third acquisition under Snee’s leadership, continuing the legacy of growth and success as Hormel Foods completes its 126th year in business.
Passing Remarks for Jeffrey M. Ettinger
Commenting on Ettinger’s retirement, Snee said:
“We thank Jeff for his outstanding leadership of Hormel Foods. During Jeff’s tenure, the Company experienced significant growth and expansion through organic growth, strategic acquisitions, and a continued focus on new product innovation.”
Ettinger served on the Hormel Foods’ Board of Directors since May 2004 and as Chairman since November 2006.
357th Consecutive Quarterly Dividend
On September 25, 2017, Hormel Foods announced its quarterly dividend on its common stock, authorized by the Board of Directors at $0.17 per share, which will be paid on November 15, 2017, to stockholders of record at the close of business on October 23, 2017.
The Company noted that the dividend payment on November 15, 2017, will be the 357th consecutive quarterly dividend paid by Hormel Foods. Since becoming a public Company in 1928, Hormel Foods has paid a regular quarterly dividend without interruption.
About Hormel Foods Corp.
Hormel Foods, based in Austin, Minnesota, is a global branded food Company with over $9 billion in annual revenue across 75 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin’s®, Wholly Guacamole®, Hormel® Black Label®, and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats; was named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the ninth year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the Company celebrated its 125th anniversary and announced its new vision for the future — Inspired People. Inspired Food.™ — focusing on its legacy of innovation.
Last Close Stock Review
On Thursday, September 28, 2017, the stock closed the trading session at $31.71, advancing 1.21% from its previous closing price of $31.33. A total volume of 3.17 million shares have exchanged hands, which was higher than the 3-month average volume of 2.15 million shares. Hormel Foods’ stock price advanced 2.39% in the last one month. The stock is trading at a PE ratio of 19.62 and has a dividend yield of 2.14%. The stock currently has a market cap of $16.69 billion.
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