Allspring Global Investments Holdings LLC Has $697,000 Stake in Hormel Foods Corporation $HRL

Allspring Global Investments Holdings LLC lessened its holdings in Hormel Foods Corporation (NYSE:HRL) by 86.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,626 shares of the company’s stock after selling 200,533 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Hormel Foods were worth $697,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of Hormel Foods by 5.0% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,967 shares of the company’s stock worth $213,000 after acquiring an additional 431 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Hormel Foods by 0.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 55,180 shares of the company’s stock worth $1,308,000 after buying an additional 437 shares during the period. Advisory Alpha LLC grew its stake in Hormel Foods by 2.9% in the 4th quarter. Advisory Alpha LLC now owns 15,477 shares of the company’s stock valued at $367,000 after buying an additional 440 shares in the last quarter. Vermillion Wealth Management Inc. lifted its holdings in Hormel Foods by 1.7% during the 4th quarter. Vermillion Wealth Management Inc. now owns 25,944 shares of the company’s stock worth $615,000 after purchasing an additional 441 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Hormel Foods by 6.0% in the fourth quarter. SBI Securities Co. Ltd. now owns 8,583 shares of the company’s stock worth $203,000 after buying an additional 483 shares in the last quarter. Institutional investors own 40.99% of the company’s stock.

Insider Activity at Hormel Foods

In related news, Director Gary C. Bhojwani sold 20,200 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total value of $495,102.00. Following the completion of the transaction, the director directly owned 32,002 shares in the company, valued at $784,369.02. This trade represents a 38.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. BNP Paribas Exane lifted their price objective on shares of Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Bank of America raised their price target on Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 30th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $23.00 price target (down from $28.00) on shares of Hormel Foods in a research note on Thursday, April 9th. The Goldman Sachs Group set a $25.00 price objective on Hormel Foods in a research report on Thursday, May 21st. Finally, Stephens restated an “equal weight” rating and issued a $25.00 target price on shares of Hormel Foods in a report on Thursday, July 9th. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Hormel Foods has an average rating of “Hold” and an average price target of $26.14.

Hormel Foods Stock Performance

NYSE:HRL opened at $26.06 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.94 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $24.13 and its 200 day simple moving average is $23.35. The stock has a market cap of $14.34 billion, a P/E ratio of 30.66, a price-to-earnings-growth ratio of 2.91 and a beta of 0.34. Hormel Foods Corporation has a twelve month low of $19.70 and a twelve month high of $29.34.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, May 27th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.05. Hormel Foods had a net margin of 3.82% and a return on equity of 9.74%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the previous year, the company earned $0.35 earnings per share. Hormel Foods’s quarterly revenue was up 2.6% on a year-over-year basis. As a group, research analysts predict that Hormel Foods Corporation will post 1.5 EPS for the current year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, July 13th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Monday, July 13th. This represents a $1.17 annualized dividend and a yield of 4.5%. Hormel Foods’s dividend payout ratio (DPR) is currently 137.65%.

Hormel Foods Company Profile

Hormel Foods Corporation is a global branded foods company primarily engaged in the production, marketing and distribution of value-added, high-quality meat and food products. The company’s portfolio spans a range of categories including refrigerated and frozen meats, pantry staples, specialty foods and shelf-stable items. Through manufacturing facilities located across North America and international markets, Hormel Foods supplies retail grocers, foodservice operators, convenience stores and e-commerce platforms.

Among its best-known brands, Hormel Foods produces SPAM® canned meats, Jennie-O® turkey products, Skippy® peanut butter and Applegate® natural and organic meats.