Cramer: This turkey producer could get gobbled up

Cramer's Mad Dash: Hormel still delivers

Investors gobbled up shares of Hormel Foods on Thursday after the food company reported third-quarter results that beat expectations.

To CNBC's Jim Cramer, the pork and turkey products maker is performing so well that it could soon find itself a possible takeover target. After all, rival Tyson Foods purchased Hillshire Brands for roughly $7.7 billion in July. Hormel is "working hard to stay independent," he said.

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In 3Q, lower grain prices helped Hormel reduce its raw costs, boosting several of its business segments, Cramer said.

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"Refrigerated foods. You're talking about bacon. That's doing very, very well. Jennie-O Turkey is a really important division," he said.

"People have to recognize: great dividend, fabulously run company. They have terrible input costs in Spam and yet they were still able to deliver a quality number."

—By CNBC's Drew Sandholm.

DISCLOSURE: When this story was published, Cramer's charitable trust did not own Hillshire Brands, Hormel Foods or Tyson Foods.