Allspring Global Investments Holdings LLC Has $2.74 Million Position in Hormel Foods Corporation (NYSE:HRL)

Allspring Global Investments Holdings LLC boosted its holdings in Hormel Foods Corporation (NYSE:HRL) by 180.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,025 shares of the company’s stock after purchasing an additional 57,280 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Hormel Foods were worth $2,737,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Exeter Financial LLC grew its position in Hormel Foods by 2.3% in the 1st quarter. Exeter Financial LLC now owns 16,809 shares of the company’s stock valued at $520,000 after purchasing an additional 381 shares during the period. Sovereign Financial Group Inc. lifted its stake in Hormel Foods by 2.7% during the 1st quarter. Sovereign Financial Group Inc. now owns 17,718 shares of the company’s stock valued at $548,000 after acquiring an additional 458 shares in the last quarter. ICW Investment Advisors LLC lifted its stake in Hormel Foods by 1.0% during the 4th quarter. ICW Investment Advisors LLC now owns 44,473 shares of the company’s stock valued at $1,395,000 after acquiring an additional 459 shares in the last quarter. Covestor Ltd lifted its stake in Hormel Foods by 16.5% during the 4th quarter. Covestor Ltd now owns 3,312 shares of the company’s stock valued at $104,000 after acquiring an additional 469 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Hormel Foods by 17.1% during the 1st quarter. Blue Trust Inc. now owns 3,220 shares of the company’s stock valued at $100,000 after acquiring an additional 471 shares in the last quarter. Institutional investors and hedge funds own 40.99% of the company’s stock.

Wall Street Analyst Weigh In

HRL has been the topic of several recent analyst reports. Bank of America upgraded Hormel Foods from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $29.00 to $35.00 in a research note on Tuesday, April 15th. The Goldman Sachs Group initiated coverage on Hormel Foods in a research note on Monday, June 23rd. They set a “buy” rating and a $35.00 price objective on the stock. BNP Paribas upgraded Hormel Foods from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 27th. Stephens restated an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research note on Thursday, May 22nd. Finally, BNP Paribas Exane upgraded Hormel Foods from an “underperform” rating to a “neutral” rating and set a $30.00 target price on the stock in a research note on Tuesday, May 27th. Four equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.86.

Hormel Foods Trading Down 0.4%

NYSE HRL opened at $30.69 on Monday. The stock has a market capitalization of $16.88 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 3.47 and a beta of 0.33. Hormel Foods Corporation has a one year low of $27.59 and a one year high of $33.80. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.47 and a quick ratio of 1.17. The business’s fifty day moving average is $30.13 and its 200-day moving average is $30.05.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The business had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the business posted $0.38 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Equities research analysts predict that Hormel Foods Corporation will post 1.65 EPS for the current year.

Hormel Foods Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, July 14th. Hormel Foods’s dividend payout ratio is currently 85.29%.

Hormel Foods 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.