Independent Advisor Alliance Trims Stock Position in Kellogg (NYSE:K)

Independent Advisor Alliance lowered its holdings in shares of Kellogg (NYSE:KGet Rating) by 36.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,771 shares of the company’s stock after selling 5,025 shares during the quarter. Independent Advisor Alliance’s holdings in Kellogg were worth $566,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Renaissance Technologies LLC increased its holdings in Kellogg by 37.3% in the 4th quarter. Renaissance Technologies LLC now owns 2,162,011 shares of the company’s stock worth $139,277,000 after acquiring an additional 587,400 shares in the last quarter. BlackRock Inc. increased its holdings in Kellogg by 2.3% in the 4th quarter. BlackRock Inc. now owns 25,791,189 shares of the company’s stock worth $1,661,467,000 after acquiring an additional 581,212 shares in the last quarter. Invesco Ltd. increased its holdings in Kellogg by 13.0% in the 4th quarter. Invesco Ltd. now owns 4,834,776 shares of the company’s stock worth $311,457,000 after acquiring an additional 554,607 shares in the last quarter. State Street Corp increased its holdings in Kellogg by 3.9% in the 4th quarter. State Street Corp now owns 14,326,500 shares of the company’s stock worth $922,913,000 after acquiring an additional 544,280 shares in the last quarter. Finally, Tobias Financial Advisors Inc. purchased a new stake in Kellogg in the 4th quarter worth approximately $23,749,000. Hedge funds and other institutional investors own 84.34% of the company’s stock.

Kellogg Stock Up 1.7 %

NYSE K opened at $75.04 on Friday. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.39 and a current ratio of 0.65. The company has a market capitalization of $25.35 billion, a P/E ratio of 16.71, a P/E/G ratio of 4.77 and a beta of 0.43. Kellogg has a one year low of $59.54 and a one year high of $76.45. The stock has a 50 day moving average price of $70.98 and a 200-day moving average price of $67.74.

Kellogg (NYSE:KGet Rating) last posted its earnings results on Thursday, August 4th. The company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 EPS. As a group, equities analysts predict that Kellogg will post 4.09 EPS for the current fiscal year.

Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio is presently 51.67%.

Insider Activity at Kellogg

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction on Friday, May 20th. The stock was sold at an average price of $66.92, for a total transaction of $9,780,558.76. Following the sale, the insider now owns 57,608,756 shares in the company, valued at approximately $3,855,177,951.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 876,918 shares of company stock worth $62,011,256. Company insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. UBS Group lowered shares of Kellogg from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $81.00 to $74.00 in a report on Thursday, July 7th. Citigroup upped their price target on Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, June 22nd. StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, June 22nd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $70.90.

Kellogg Profile

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks 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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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