Moody National Bank Trust Division cut its stake in shares of Kellogg (NYSE:K) by 1.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,642 shares of the company’s stock after selling 510 shares during the quarter. Moody National Bank Trust Division’s holdings in Kellogg were worth $2,193,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Beutel Goodman & Co Ltd. raised its position in 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 acquiring an additional 677,403 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Kellogg by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,651,036 shares of the company’s stock valued at $227,204,000 after buying an additional 354,082 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Kellogg by 3.9% in the fourth quarter. Janus Henderson Group PLC now owns 3,330,475 shares of the company’s stock valued at $207,255,000 after buying an additional 126,360 shares in the last quarter. Bank of New York Mellon Corp increased 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 buying an additional 413,570 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position 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 buying an additional 122,608 shares in the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of Kellogg stock in a transaction that occurred on Wednesday, January 20th. The stock was sold at an average price of $57.45, for a total transaction of $4,787,538.30. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 500,001 shares of company stock worth $29,756,725. Company insiders own 1.10% of the company’s stock.
Kellogg (NYSE:K) last announced its earnings results on Wednesday, February 10th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.03). The company had revenue of $3.46 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Kellogg had a net margin of 8.80% and a return on equity of 41.23%. Analysts predict that Kellogg will post 4.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, March 15th. Investors of record on Tuesday, March 9th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, March 1st. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. Kellogg’s payout ratio is currently 57.87%.
K has been the subject of a number of research analyst reports. Piper Sandler cut Kellogg from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $76.00 to $66.00 in a research report on Tuesday, January 5th. Jefferies Financial Group dropped their price objective on Kellogg from $69.00 to $65.00 and set a “hold” rating for the company in a research report on Tuesday, January 12th. Morgan Stanley dropped their price objective on Kellogg from $64.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 12th. JPMorgan Chase & Co. dropped their price objective on Kellogg from $67.00 to $58.00 in a research report on Tuesday, January 19th. Finally, Citigroup decreased their price target on Kellogg from $75.00 to $72.00 in a research note on Tuesday, February 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $66.83.
Kellogg Company Profile
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 and bites, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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