Allspring Global Investments Holdings LLC Acquires 57,280 Shares of Hormel Foods Corporation (NYSE:HRL)

Allspring Global Investments Holdings LLC lifted its holdings in Hormel Foods Corporation (NYSE:HRL - Free Report) by 180.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,025 shares of the company's stock after acquiring an additional 57,280 shares during the period. Allspring Global Investments Holdings LLC's holdings in Hormel Foods were worth $2,737,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in HRL. Norges Bank acquired a new position in Hormel Foods during the 4th quarter valued at about $102,598,000. Two Sigma Advisers LP boosted its holdings in shares of Hormel Foods by 496.3% during the fourth quarter. Two Sigma Advisers LP now owns 2,185,600 shares of the company's stock worth $68,562,000 after purchasing an additional 1,819,100 shares during the period. Two Sigma Investments LP boosted its holdings in shares of Hormel Foods by 466.5% during the fourth quarter. Two Sigma Investments LP now owns 2,053,160 shares of the company's stock worth $64,408,000 after purchasing an additional 1,690,746 shares during the period. Stifel Financial Corp lifted its stake in Hormel Foods by 33.9% in the fourth quarter. Stifel Financial Corp now owns 4,374,456 shares of the company's stock valued at $137,227,000 after acquiring an additional 1,107,270 shares during the last quarter. Finally, Man Group plc lifted its stake in Hormel Foods by 186.0% in the fourth quarter. Man Group plc now owns 1,041,356 shares of the company's stock valued at $32,667,000 after acquiring an additional 677,194 shares during the last quarter. 40.99% of the stock is owned by institutional investors and hedge funds.

Hormel Foods Trading Up 0.5%

Shares of NYSE:HRL traded up $0.15 during midday trading on Tuesday, hitting $30.66. 159,910 shares of the stock were exchanged, compared to its average volume of 2,684,975. The business's 50-day moving average price is $30.15 and its 200 day moving average price is $30.04. Hormel Foods Corporation has a 12 month low of $27.59 and a 12 month high of $33.80. The stock has a market capitalization of $16.86 billion, a price-to-earnings ratio of 22.52, a P/E/G ratio of 3.47 and a beta of 0.33. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 2.47.

Hormel Foods (NYSE:HRL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The company reported $0.35 EPS for the quarter, meeting analysts' consensus estimates of $0.35. Hormel Foods had a return on equity of 10.20% and a net margin of 6.27%. The business had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the firm posted $0.38 EPS. Hormel Foods's quarterly revenue was up .3% compared to the same quarter last year. Analysts predict that Hormel Foods Corporation will post 1.65 earnings per share for the current year.

Hormel Foods Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, July 14th will be given a $0.29 dividend. The ex-dividend date of this dividend is Monday, July 14th. This represents a $1.16 dividend on an annualized basis and a yield of 3.78%. Hormel Foods's payout ratio is 85.29%.

Wall Street Analysts Forecast Growth

HRL has been the topic of a number of research reports. Stephens reaffirmed an "equal weight" rating and set a $31.00 target price on shares of Hormel Foods in a research report on Thursday, May 22nd. BNP Paribas Exane upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and set a $30.00 price target on the stock in a research report on Tuesday, May 27th. The Goldman Sachs Group began coverage on shares of Hormel Foods in a research report on Monday, June 23rd. They set a "buy" rating and a $35.00 target price on the stock. BNP Paribas raised Hormel Foods from a "strong sell" rating to a "hold" rating in a research note on Tuesday, May 27th. Finally, Bank of America upgraded shares of Hormel Foods from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $29.00 to $35.00 in a report on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $32.86.

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.