Sigma Planning Corp Lowers Position in Kellogg (NYSE:K)

Posted by on Apr 5th, 2023

Sigma Planning Corp cut its holdings in shares of Kellogg (NYSE:K – Get Rating) by 10.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,197 shares of the company’s stock after selling 3,172 shares during the quarter. Sigma Planning Corp’s holdings in Kellogg were worth $1,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of K. Cantor Fitzgerald Investment Advisor L.P grew its holdings in shares of Kellogg by 95.3% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 424,951 shares of the company’s stock worth $27,405,000 after purchasing an additional 207,392 shares during the period. HighTower Advisors LLC grew its holdings in shares of Kellogg by 16.7% during the 1st quarter. HighTower Advisors LLC now owns 18,121 shares of the company’s stock worth $1,167,000 after purchasing an additional 2,590 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Kellogg by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,232 shares of the company’s stock worth $2,208,000 after purchasing an additional 2,119 shares during the period. Raymond James Trust N.A. lifted its stake in Kellogg by 46.9% during the 1st quarter. Raymond James Trust N.A. now owns 8,653 shares of the company’s stock worth $558,000 after acquiring an additional 2,764 shares in the last quarter. Finally, Cibc World Market Inc. lifted its stake in Kellogg by 6.4% during the 1st quarter. Cibc World Market Inc. now owns 38,670 shares of the company’s stock worth $2,494,000 after acquiring an additional 2,313 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Kurt D. Forche sold 3,265 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $69.36, for a total transaction of $226,460.40. Following the transaction, the vice president now owns 8,942 shares in the company, valued at approximately $620,217.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Kurt D. Forche sold 3,265 shares of the firm’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $69.36, for a total transaction of $226,460.40. Following the transaction, the vice president now owns 8,942 shares in the company, valued at approximately $620,217.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 20th. The stock was sold at an average price of $65.22, for a total value of $6,522,000.00. Following the transaction, the insider now owns 55,331,838 shares in the company, valued at approximately $3,608,742,474.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 528,437 shares of company stock worth $35,218,511. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on K shares. Morgan Stanley increased their target price on Kellogg from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 20th. TheStreet lowered Kellogg from a “b” rating to a “c+” rating in a research note on Thursday, February 9th. Deutsche Bank Aktiengesellschaft decreased their target price on Kellogg from $73.00 to $69.00 and set a “hold” rating on the stock in a research note on Monday, March 20th. Credit Suisse Group decreased their target price on Kellogg from $72.00 to $71.00 and set a “neutral” rating on the stock in a research note on Friday, February 10th. Finally, StockNews.com raised Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.78.

Kellogg Trading Up 0.3 %

K opened at $67.29 on Wednesday. Kellogg has a one year low of $63.74 and a one year high of $77.17. The company has a market cap of $23.00 billion, a P/E ratio of 24.12, a PEG ratio of 2.76 and a beta of 0.42. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.38 and a current ratio of 0.66. The business’s 50-day simple moving average is $66.58 and its 200-day simple moving average is $69.96.

Kellogg (NYSE:K – Get Rating) last released its quarterly earnings data on Thursday, February 9th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.09. Kellogg had a return on equity of 32.51% and a net margin of 6.27%. The business had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the prior year, the business posted $0.83 EPS. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. As a group, equities research analysts expect that Kellogg will post 4.04 EPS for the current fiscal year.

Kellogg declared that its Board of Directors has authorized a stock repurchase plan on Monday, December 12th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Kellogg Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were issued a $0.59 dividend. The ex-dividend date of this dividend was Tuesday, February 28th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.51%. Kellogg’s payout ratio is currently 84.59%.

Kellogg Profile

(Get Rating)

Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It operates through the following segments: North America, Europe, Latin America, and Asia Middle East Africa. The North America segment includes the U.S. businesses and Canada. The Europe segment consists of European countries.

Featured Articles

Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg (NYSE:K – Get Rating).

Institutional Ownership by Quarter for Kellogg (NYSE:K)

Receive News & Ratings for Kellogg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg and related companies with MarketBeat.com's FREE daily email newsletter.