Allspring Global Investments Holdings LLC Sells 200,533 Shares of Hormel Foods Corporation $HRL

Allspring Global Investments Holdings LLC reduced its position in Hormel Foods Corporation (NYSE:HRL) by 86.4% in the first quarter, HoldingsChannel.com reports. The firm 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 reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HRL. MUFG Securities EMEA plc bought a new stake in shares of Hormel Foods during the 2nd quarter valued at $26,000. Strive Financial Group LLC purchased a new position in shares of Hormel Foods in the fourth quarter valued at about $27,000. Motiv8 Investments LLC bought a new position in shares of Hormel Foods in the fourth quarter worth about $28,000. Parkside Financial Bank & Trust grew its position in shares of Hormel Foods by 354.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,314 shares of the company’s stock worth $31,000 after purchasing an additional 1,025 shares in the last quarter. Finally, Ankerstar Wealth LLC purchased a new stake in shares of Hormel Foods during the fourth quarter worth about $35,000. 40.99% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Hormel Foods news, Director Gary C. Bhojwani sold 20,200 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $24.51, for a total transaction of $495,102.00. Following the transaction, the director owned 32,002 shares in the company, valued at $784,369.02. The trade was a 38.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.58% of the stock is owned by company insiders.

Hormel Foods Trading Up 3.0%

HRL opened at $26.06 on Tuesday. The stock has a 50-day moving average of $24.13 and a 200 day moving average of $23.35. The company has a current ratio of 1.94, a quick ratio of 0.97 and a debt-to-equity ratio of 0.30. Hormel Foods Corporation has a 12 month low of $19.70 and a 12 month high of $29.34. The firm has a market cap of $14.34 billion, a P/E ratio of 30.66, a P/E/G ratio of 2.91 and a beta of 0.34.

Hormel Foods (NYSE:HRL) last announced its earnings results on Wednesday, May 27th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Hormel Foods had a return on equity of 9.74% and a net margin of 3.82%.The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.35 EPS. As a group, research analysts forecast 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 paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Monday, July 13th. Hormel Foods’s payout ratio is presently 137.65%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on HRL shares. BNP Paribas Exane boosted their price target on Hormel Foods from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Hormel Foods in a research report on Thursday, April 9th. Bank of America boosted their target price on shares of Hormel Foods from $25.00 to $27.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. The Goldman Sachs Group set a $25.00 target price on shares of Hormel Foods in a research note on Thursday, May 21st. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Hormel Foods in a research note on Friday, July 17th. Two research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.14.

Hormel Foods 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.