Jacobi Capital Management LLC grew its position in Kellogg (NYSE:K – Get Rating) by 12.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,373 shares of the company’s stock after purchasing an additional 1,070 shares during the period. Jacobi Capital Management LLC’s holdings in Kellogg were worth $604,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of K. Adage Capital Partners GP L.L.C. increased its holdings in shares of Kellogg by 2.3% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company’s stock valued at $17,563,000 after acquiring an additional 6,100 shares during the last quarter. Seven Eight Capital LP acquired a new position in shares of Kellogg during the 4th quarter valued at about $420,000. Wetherby Asset Management Inc. increased its holdings in shares of Kellogg by 8.0% during the 4th quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company’s stock valued at $283,000 after acquiring an additional 326 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in shares of Kellogg by 8.7% during the 4th quarter. Samalin Investment Counsel LLC now owns 2,635 shares of the company’s stock valued at $170,000 after acquiring an additional 212 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Kellogg by 5.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 15,767 shares of the company’s stock valued at $1,016,000 after acquiring an additional 774 shares during the last quarter. 84.34% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Kellogg
In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $66.92, for a total value of $9,780,558.76. Following the completion of the transaction, the insider now directly owns 57,608,756 shares of the company’s stock, valued at approximately $3,855,177,951.52. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders sold 876,918 shares of company stock valued at $62,011,256. Corporate insiders own 1.40% of the company’s stock.
Kellogg Price Performance
Kellogg (NYSE:K – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.13. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the company earned $1.14 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Kellogg will post 4.12 EPS for the current year.
Kellogg Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be given a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.14%. This is an increase from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is currently 53.58%.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on K shares. UBS Group lowered Kellogg from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $81.00 to $74.00 in a report on Thursday, July 7th. Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $66.00 to $62.00 in a research note on Tuesday, May 3rd. JPMorgan Chase & Co. restated an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Credit Suisse Group increased their target price on Kellogg from $62.00 to $69.00 in a research note on Monday, May 9th. Finally, StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Kellogg has an average rating of “Hold” and an average target price of $70.90.
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.
- Get a free copy of the StockNews.com research report on Kellogg (K)
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