Allspring Global Investments Holdings LLC Has $4.16 Million Position in Hormel Foods Co. (NYSE:HRL)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Hormel Foods Co. (NYSE:HRL) by 57.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 129,488 shares of the company’s stock after selling 175,827 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Hormel Foods were worth $4,158,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in HRL. International Assets Investment Management LLC acquired a new position in shares of Hormel Foods during the fourth quarter worth $1,195,000. Nisa Investment Advisors LLC raised its position in Hormel Foods by 5.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 35,433 shares of the company’s stock valued at $1,138,000 after purchasing an additional 1,729 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Hormel Foods by 0.8% during the fourth quarter. Arizona State Retirement System now owns 82,608 shares of the company’s stock valued at $2,653,000 after purchasing an additional 640 shares in the last quarter. Trust Point Inc. bought a new stake in shares of Hormel Foods during the fourth quarter worth about $984,000. Finally, Fifth Third Bancorp increased its stake in shares of Hormel Foods by 0.6% in the fourth quarter. Fifth Third Bancorp now owns 130,513 shares of the company’s stock valued at $4,191,000 after buying an additional 809 shares during the period. Institutional investors own 40.99% of the company’s stock.

Insider Activity

In related news, VP Mark A. Coffey sold 15,400 shares of the stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.18, for a total transaction of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares of the company’s stock, valued at $2,325,231.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the completion of the sale, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mark A. Coffey sold 15,400 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $34.18, for a total value of $526,372.00. Following the transaction, the vice president now directly owns 68,029 shares in the company, valued at $2,325,231.22. The disclosure for this sale can be found here. Insiders sold 40,800 shares of company stock worth $1,414,872 in the last quarter. 0.69% of the stock is owned by corporate insiders.

Hormel Foods Price Performance

HRL stock opened at $34.75 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.49 and a debt-to-equity ratio of 0.30. The firm has a market cap of $19.03 billion, a price-to-earnings ratio of 23.80, a PEG ratio of 3.28 and a beta of 0.27. The company’s fifty day simple moving average is $33.21 and its 200 day simple moving average is $32.47. Hormel Foods Co. has a 12-month low of $28.51 and a 12-month high of $41.73.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings data on Thursday, February 29th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.07. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The firm had revenue of $3 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period last year, the company posted $0.40 EPS. The business’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts expect that Hormel Foods Co. will post 1.59 earnings per share for the current year.

Hormel Foods Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, March 25th will be given a dividend of $0.2825 per share. This represents a $1.13 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s dividend payout ratio (DPR) is 77.40%.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research reports. Barclays boosted their target price on shares of Hormel Foods from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, March 1st. Piper Sandler increased their price objective on Hormel Foods from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Friday, January 12th. The Goldman Sachs Group raised their target price on Hormel Foods from $26.00 to $28.00 and gave the stock a “sell” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. increased their price target on Hormel Foods from $27.00 to $28.00 and gave the company an “underweight” rating in a research note on Friday, March 1st. Finally, Citigroup began coverage on Hormel Foods in a research note on Thursday, February 1st. They issued a “neutral” rating and a $31.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $31.00.

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.