Miller Howard Investments 13F: Cuts HRL Stake by $2M

Miller Howard Investments trimmed its stake in Hormel Foods Corporation (HRL) by 101,743 shares, valued at about $2,028,755, in a filing on October 26, 2026. This reduction brings the fund's total holdings in Hormel to 1,659,423 shares, down from 1,761,166 shares previously reported as of September 30, 2026.

HRL Hormel Foods Corporation

$20.95 ▼ -5.46% year to date

1M 3M YTD

Daily close · Oct 26, 2026

Where Hormel Foods Fits in Miller Howard's Portfolio

Hormel Foods now represents 3.07% of Miller Howard's total reported assets, ranking 16th among the fund's 159 positions.

Other Institutional Activity in Hormel Foods

Two Sigma Investments, LP increased its stake in Hormel Foods by 339,218 shares, bringing its total to 12,325,712 shares valued at approximately $258.2 million. ProShare Advisors, LLC also added 807,803 shares, ending with a total of 7,630,462 shares worth about $159.9 million.

Hormel Foods Corporation Stock Down 1.9%

Hormel Foods shares recently traded around $20.95. The stock's performance matters as it shows a decline from its previous position, reflecting a challenging market environment.

Recent Earnings

Hormel Foods reported trailing twelve-month revenue of about $12.15 billion and earnings per share (EPS) of $0.62. The company has a revenue growth year-over-year of -2.4% and a net margin of 2.8%. The next earnings date is set for December 3, 2026.

Dividend

Hormel Foods pays an annual dividend of $1.17 per share, with a payout ratio of 188.3%.

Insider Buying and Selling at Hormel Foods Corporation

Insider activity includes Director William A. Newlands buying 10,000 shares at an average price of $20.10 on October 5, 2026, worth about $201,000. Additionally, Director Gary C. Bhojwani sold 20,200 shares at an average price of $24.51 on July 8, 2026, totaling approximately $495,159.

Analysts Set New Price Targets

Analysts have maintained a Neutral rating on Hormel Foods. On October 7, 2026, BNP Paribas reduced its price target to $23.00 from $26.00. Barclays maintained an Overweight rating with a target of $28.00, down from $30.00 as of October 14, 2026.

About Hormel Foods

Hormel Foods Corporation develops, processes, and distributes various food products, including meats and nuts, to customers across the U.S. and internationally. The company operates through three segments: Retail, Foodservice, and International.

Bottom Line

Investors will be watching for the upcoming earnings report on December 3, 2026, as Hormel continues to navigate a challenging environment. Miller Howard's recent trimming of its stake in HRL may indicate a shift in strategy as they reassess their positions.