Allspring Global Investments Holdings LLC Has $1 Million Stock Holdings in Hormel Foods Co. (NYSE:HRL)

Allspring Global Investments Holdings LLC trimmed its position in Hormel Foods Co. (NYSE:HRL) by 42.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,745 shares of the company’s stock after selling 22,987 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Hormel Foods were worth $1,001,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in HRL. Crews Bank & Trust bought a new stake in shares of Hormel Foods during the 4th quarter valued at $25,000. Brooklyn Investment Group bought a new stake in shares of Hormel Foods during the 3rd quarter valued at $32,000. Prospera Private Wealth LLC bought a new stake in shares of Hormel Foods during the 3rd quarter valued at $39,000. Capital Performance Advisors LLP bought a new stake in shares of Hormel Foods during the 3rd quarter valued at $47,000. Finally, McIlrath & Eck LLC lifted its position in shares of Hormel Foods by 47.5% during the 3rd quarter. McIlrath & Eck LLC now owns 1,981 shares of the company’s stock valued at $63,000 after acquiring an additional 638 shares during the period. 40.99% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Hormel Foods

In related news, VP Steven J. Lykken acquired 4,904 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average cost of $32.47 per share, for a total transaction of $159,232.88. Following the completion of the transaction, the vice president now directly owns 7,100 shares of the company’s stock, valued at $230,537. The trade was a 223.32 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is owned by corporate insiders.

Hormel Foods Stock Performance

Shares of HRL stock opened at $29.66 on Monday. The business’s 50-day moving average price is $30.31 and its 200-day moving average price is $31.14. Hormel Foods Co. has a 12 month low of $28.03 and a 12 month high of $36.86. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 2.73 and a beta of 0.26. The company has a current ratio of 2.32, a quick ratio of 1.19 and a debt-to-equity ratio of 0.36.

Hormel Foods (NYSE:HRL) last announced its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). Hormel Foods had a net margin of 6.75% and a return on equity of 10.95%. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. Equities research analysts forecast that Hormel Foods Co. will post 1.65 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Stephens restated an “equal weight” rating and set a $31.00 price objective on shares of Hormel Foods in a research report on Tuesday, February 18th. Citigroup dropped their price objective on Hormel Foods from $36.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, November 19th. Finally, Barclays upgraded Hormel Foods from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Hormel Foods has a consensus rating of “Hold” and an average price target of $31.17.

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.