Los Angeles Capital Management LLC Raises Stock Holdings in Kellogg (NYSE:K)

Los Angeles Capital Management LLC boosted its stake in Kellogg (NYSE:KGet Rating) by 86.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 277,348 shares of the company’s stock after purchasing an additional 128,308 shares during the quarter. Los Angeles Capital Management LLC owned about 0.08% of Kellogg worth $17,886,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in Kellogg by 2.3% in the fourth quarter. BlackRock Inc. now owns 25,791,189 shares of the company’s stock valued at $1,661,467,000 after purchasing an additional 581,212 shares during the period. State Street Corp raised its holdings in shares of Kellogg by 3.9% during the 4th quarter. State Street Corp now owns 14,326,500 shares of the company’s stock valued at $922,913,000 after buying an additional 544,280 shares during the period. Invesco Ltd. lifted its position in Kellogg by 13.0% during 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. Geode Capital Management LLC boosted its holdings in Kellogg by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 4,570,020 shares of the company’s stock worth $293,594,000 after acquiring an additional 150,151 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Kellogg by 5.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,874,384 shares of the company’s stock valued at $249,589,000 after acquiring an additional 192,069 shares in the last quarter. 84.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 value of $9,780,558.76. Following the completion of the transaction, 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 filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 876,918 shares of company stock worth $62,011,256. Insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. restated an “underweight” rating and issued a $67.00 target price (up from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. UBS Group downgraded Kellogg from a “buy” rating to a “neutral” rating and lowered their target price for the company from $81.00 to $74.00 in a research note on Thursday, July 7th. Piper Sandler cut Kellogg from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Citigroup raised their price objective on Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, June 22nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Kellogg from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Wednesday, June 22nd. Two equities 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $70.90.

Kellogg Trading Up 1.7 %

Shares of K stock opened at $75.04 on Friday. The stock has a 50-day simple moving average of $70.98 and a 200 day simple moving average of $67.74. The stock has a market capitalization of $25.35 billion, a P/E ratio of 17.33, a P/E/G ratio of 4.73 and a beta of 0.43. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.45. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.28.

Kellogg (NYSE:KGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the firm posted $1.14 EPS. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, sell-side analysts expect that Kellogg will post 4.12 earnings per share for the current fiscal year.

Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.14%. This is a boost from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio is currently 53.58%.

About Kellogg

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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.

Further Reading

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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