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

Allspring Global Investments Holdings LLC reduced its holdings in Hormel Foods Co. (NYSE:HRL) by 57.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund 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 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new stake in Hormel Foods in the 1st quarter valued at approximately $41,000. Janiczek Wealth Management LLC grew its stake in shares of Hormel Foods by 62.9% in the third quarter. Janiczek Wealth Management LLC now owns 1,028 shares of the company’s stock worth $39,000 after acquiring an additional 397 shares during the last quarter. Salem Investment Counselors Inc. increased its position in Hormel Foods by 24.4% during the first quarter. Salem Investment Counselors Inc. now owns 1,527 shares of the company’s stock worth $79,000 after acquiring an additional 300 shares during the period. Dark Forest Capital Management LP raised its stake in Hormel Foods by 387.0% during the 1st quarter. Dark Forest Capital Management LP now owns 1,841 shares of the company’s stock valued at $73,000 after purchasing an additional 1,463 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in Hormel Foods by 61.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,062 shares of the company’s stock valued at $93,000 after purchasing an additional 785 shares during the period. 40.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Hormel Foods news, SVP Kevin L. Myers sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $34.95, for a total transaction of $349,500.00. Following the transaction, the senior vice president now directly owns 38,708 shares in the company, valued at approximately $1,352,844.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Hormel Foods news, VP Mark A. Coffey sold 15,400 shares of the stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $35.00, for a total value of $539,000.00. Following the transaction, the vice president now owns 68,029 shares of the company’s stock, valued at $2,381,015. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin L. Myers sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $34.95, for a total value of $349,500.00. Following the transaction, the senior vice president now owns 38,708 shares of the company’s stock, valued at $1,352,844.60. The disclosure for this sale can be found here. Insiders sold a total of 40,800 shares of company stock worth $1,414,872 over the last three months. 0.69% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Hormel Foods Stock Performance

NYSE:HRL opened at $34.75 on Friday. The stock has a market capitalization of $19.03 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 3.28 and a beta of 0.27. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $41.73. The firm has a 50 day moving average of $33.21 and a 200-day moving average of $32.47. The company has a current ratio of 1.49, a quick ratio of 0.79 and a debt-to-equity ratio of 0.30.

Hormel Foods (NYSE:HRL) last announced its earnings results on Thursday, February 29th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Hormel Foods had a return on equity of 11.51% and a net margin of 6.55%. The company 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 earnings per share. The firm’s quarterly revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Hormel Foods Co. will post 1.59 EPS for the current fiscal year.

Hormel Foods Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, March 25th will be issued a $0.2825 dividend. This represents a $1.13 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, April 12th. Hormel Foods’s dividend payout ratio is 77.40%.

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.