For the better part of three years, Hormel Foods Corp. (NYSE: HRL) investors have been asked to be patient.
Patient through the SPAM maker's painful slide from a $45 stock to the low $20s. Patient through missed earnings quarters, goodwill write-downs, and a turkey business that seemed to generate nothing but headaches. Patient while management promised that the Transform & Modernize (T&M) initiative would eventually unlock real cost savings and margin expansion.
