Allspring Global Investments Holdings LLC Cuts Stock Holdings in Hormel Foods Co. (NYSE:HRL)

Allspring Global Investments Holdings LLC decreased its position in shares of Hormel Foods Co. (NYSE:HRL) by 55.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 57,322 shares of the company’s stock after selling 72,166 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Hormel Foods were worth $2,000,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. raised its position in Hormel Foods by 21.1% in the fourth quarter. Federated Hermes Inc. now owns 2,069 shares of the company’s stock worth $66,000 after acquiring an additional 361 shares during the period. D.A. Davidson & CO. raised its position in shares of Hormel Foods by 4.4% during the 4th quarter. D.A. Davidson & CO. now owns 9,663 shares of the company’s stock valued at $310,000 after purchasing an additional 403 shares during the period. Insight Folios Inc grew its stake in Hormel Foods by 6.5% during the fourth quarter. Insight Folios Inc now owns 7,013 shares of the company’s stock valued at $225,000 after acquiring an additional 429 shares in the last quarter. Carlson Capital Management grew its stake in shares of Hormel Foods by 6.2% in the 3rd quarter. Carlson Capital Management now owns 7,878 shares of the company’s stock worth $300,000 after buying an additional 457 shares in the last quarter. Finally, Kentucky Retirement Systems grew its stake in shares of Hormel Foods by 2.1% in the 4th quarter. Kentucky Retirement Systems now owns 23,174 shares of the company’s stock worth $744,000 after buying an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 40.99% of the company’s stock.

Hormel Foods Trading Up 0.1 %

HRL traded up $0.04 on Tuesday, reaching $30.47. 239,278 shares of the company traded hands, compared to its average volume of 2,875,473. Hormel Foods Co. has a one year low of $28.51 and a one year high of $41.73. The company has a quick ratio of 1.00, a current ratio of 1.73 and a debt-to-equity ratio of 0.36. The company has a market cap of $16.71 billion, a P/E ratio of 21.74, a price-to-earnings-growth ratio of 2.93 and a beta of 0.24. The firm has a fifty day simple moving average of $33.29 and a two-hundred day simple moving average of $32.66.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Thursday, May 30th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Hormel Foods had a net margin of 6.37% and a return on equity of 11.31%. The business had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same quarter in the previous year, the business posted $0.40 EPS. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Hormel Foods Co. will post 1.6 earnings per share for the current year.

Hormel Foods Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a $0.2825 dividend. This represents a $1.13 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Monday, July 15th. Hormel Foods’s payout ratio is currently 80.71%.

Analysts Set New Price Targets

A number of equities analysts have commented on HRL shares. JPMorgan Chase & Co. raised shares of Hormel Foods from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $28.00 to $29.00 in a research note on Friday, May 31st. Citigroup dropped their price objective on shares of Hormel Foods from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Finally, Stephens reaffirmed an “equal weight” rating and set a $32.00 price target on shares of Hormel Foods in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.67.

About Hormel Foods

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.