Kellogg (NYSE:K) Shares Bought by Jacobi Capital Management LLC

Jacobi Capital Management LLC grew its position in Kellogg (NYSE:KGet Rating) by 12.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,373 shares of the company’s stock after buying an additional 1,070 shares during the quarter. Jacobi Capital Management LLC’s holdings in Kellogg were worth $604,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its position in shares of Kellogg by 2.3% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company’s stock valued at $17,563,000 after buying an additional 6,100 shares in the last quarter. Seven Eight Capital LP purchased a new stake in Kellogg during the 4th quarter worth about $420,000. Wetherby Asset Management Inc. increased its position in Kellogg by 8.0% during the 4th quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company’s stock worth $283,000 after purchasing an additional 326 shares in the last quarter. Samalin Investment Counsel LLC increased its position in Kellogg by 8.7% during the 4th quarter. Samalin Investment Counsel LLC now owns 2,635 shares of the company’s stock worth $170,000 after purchasing an additional 212 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its position in Kellogg by 5.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 15,767 shares of the company’s stock worth $1,016,000 after purchasing an additional 774 shares in the last quarter. Hedge funds and other institutional investors own 84.34% of the company’s stock.

Kellogg Price Performance

Shares of NYSE K opened at $75.04 on Friday. The company has a market capitalization of $25.35 billion, a price-to-earnings ratio of 17.33, a price-to-earnings-growth ratio of 4.73 and a beta of 0.43. The business has a 50 day simple moving average of $70.98 and a 200-day simple moving average of $67.74. The company has a current ratio of 0.70, a quick ratio of 0.39 and a debt-to-equity ratio of 1.28. Kellogg has a twelve month low of $59.54 and a twelve month high of $76.45.

Kellogg (NYSE:KGet Rating) last issued 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. 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 33.77% and a net margin of 10.21%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.14 EPS. As a group, equities research analysts expect that Kellogg will post 4.12 earnings per share for the current year.

Kellogg Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be paid a dividend of $0.59 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Wednesday, August 31st. Kellogg’s dividend payout ratio is presently 53.58%.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s 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 completion of the transaction, the insider now directly owns 57,608,756 shares in the company, valued at approximately $3,855,177,951.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 876,918 shares of company stock worth $62,011,256 in the last three months. 1.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Morgan Stanley lifted their price objective on Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 14th. JPMorgan Chase & Co. restated an “underweight” rating and set a $67.00 price objective (up from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Citigroup lifted their price objective on Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a report on Wednesday, June 22nd. Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $66.00 to $62.00 in a report on Tuesday, May 3rd. Finally, StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a report on Monday, May 9th. Two research 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. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $70.90.

Kellogg Company 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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