Curi Capital bought a new stake in Kellogg (NYSE:K) during the 4th quarter, HoldingsChannel.com reports. The firm bought 588 shares of the company’s stock, valued at approximately $36,000.
Other large investors have also recently modified their holdings of the company. Beutel Goodman & Co Ltd. lifted its stake in shares of Kellogg by 22.0% in the fourth quarter. Beutel Goodman & Co Ltd. now owns 3,751,647 shares of the company’s stock worth $233,464,000 after buying an additional 677,403 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Kellogg by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,651,036 shares of the company’s stock worth $227,204,000 after purchasing an additional 354,082 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Kellogg by 3.9% during the 4th quarter. Janus Henderson Group PLC now owns 3,330,475 shares of the company’s stock worth $207,255,000 after purchasing an additional 126,360 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Kellogg by 17.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,751,494 shares of the company’s stock valued at $171,225,000 after purchasing an additional 413,570 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Kellogg by 5.3% in the fourth quarter. Wells Fargo & Company MN now owns 2,423,002 shares of the company’s stock valued at $150,784,000 after purchasing an additional 122,608 shares during the last quarter. 86.08% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 83,333 shares of the stock in a transaction on Monday, January 11th. The stock was sold at an average price of $59.66, for a total value of $4,971,646.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 500,001 shares of company stock valued at $29,460,060 in the last three months. 1.10% of the stock is currently owned by corporate insiders.
Kellogg (NYSE:K) last released its earnings results on Wednesday, February 10th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.03). The firm had revenue of $3.46 billion during the quarter, compared to analyst estimates of $3.53 billion. Kellogg had a net margin of 8.80% and a return on equity of 41.23%. Research analysts predict that Kellogg will post 4.03 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, March 15th. Shareholders of record on Tuesday, March 9th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, March 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.58%. Kellogg’s dividend payout ratio (DPR) is presently 57.87%.
Several analysts have issued reports on K shares. Piper Sandler cut Kellogg from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $76.00 to $66.00 in a report on Tuesday, January 5th. Morgan Stanley dropped their price objective on shares of Kellogg from $64.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 12th. JPMorgan Chase & Co. reduced their target price on shares of Kellogg from $67.00 to $58.00 in a research note on Tuesday, January 19th. Citigroup cut their price target on shares of Kellogg from $75.00 to $72.00 in a report on Tuesday, February 16th. Finally, Jefferies Financial Group decreased their price objective on Kellogg from $69.00 to $65.00 and set a “hold” rating on the stock in a report on Tuesday, January 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Kellogg currently has an average rating of “Hold” and a consensus price target of $66.83.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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