Sumitomo Mitsui Trust Holdings Inc. Increases Stock Holdings in Kellogg (NYSE:K)

Posted by on Apr 15th, 2023

Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Kellogg (NYSE:K – Get Rating) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 995,964 shares of the company’s stock after purchasing an additional 34,467 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.29% of Kellogg worth $70,952,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allianz Asset Management GmbH increased its position in shares of Kellogg by 2.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 142,158 shares of the company’s stock worth $9,903,000 after purchasing an additional 3,220 shares during the last quarter. Ameritas Advisory Services LLC lifted its holdings in shares of Kellogg by 12.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 5,018 shares of the company’s stock worth $350,000 after acquiring an additional 574 shares during the last quarter. Cambridge Trust Co. boosted its position in shares of Kellogg by 6.0% during the 4th quarter. Cambridge Trust Co. now owns 7,100 shares of the company’s stock worth $506,000 after purchasing an additional 400 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its holdings in Kellogg by 11.0% in the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 29,530 shares of the company’s stock valued at $2,057,000 after purchasing an additional 2,935 shares during the last quarter. Finally, Greenleaf Trust raised its position in Kellogg by 39.2% in the third quarter. Greenleaf Trust now owns 9,950 shares of the company’s stock valued at $693,000 after purchasing an additional 2,801 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Kellogg Stock Performance

Shares of K stock opened at $67.00 on Friday. Kellogg has a 12 month low of $63.74 and a 12 month high of $77.17. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 1.22. The company has a market cap of $22.90 billion, a P/E ratio of 24.01, a PEG ratio of 2.82 and a beta of 0.42. The firm has a fifty day moving average price of $66.58 and a 200 day moving average price of $69.74.

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. The business had revenue of $3.83 billion for the quarter, compared to the consensus estimate of $3.66 billion. Kellogg had a return on equity of 32.51% and a net margin of 6.27%. The business’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.83 EPS. Sell-side analysts predict that Kellogg will post 4.04 earnings per share for the current fiscal year.

Kellogg Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were paid 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 yield of 3.52%. Kellogg’s dividend payout ratio is presently 84.59%.

Analyst Ratings Changes

K has been the subject of a number of research reports. StockNews.com raised Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. TheStreet cut shares of Kellogg from a “b” rating to a “c+” rating in a research report on Thursday, February 9th. Stifel Nicolaus started coverage on shares of Kellogg in a report on Thursday. They issued a “hold” rating for the company. Morgan Stanley reduced their target price on shares of Kellogg from $74.00 to $71.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Credit Suisse Group dropped their price target on shares of Kellogg from $72.00 to $71.00 and set a “neutral” rating for the company in a research note on Friday, February 10th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $71.44.

Insider Activity

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Friday, January 20th. The stock was sold at an average price of $67.01, for a total value of $6,701,000.00. Following the completion of the transaction, the insider now owns 55,731,838 shares in the company, valued at $3,734,590,464.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction dated Friday, January 20th. The shares were sold at an average price of $67.01, for a total transaction of $6,701,000.00. Following the sale, the insider now owns 55,731,838 shares of the company’s stock, valued at $3,734,590,464.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Rodrigo Lance sold 2,975 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $67.79, for a total transaction of $201,675.25. Following the completion of the transaction, the senior vice president now directly owns 14,935 shares of the company’s stock, valued at $1,012,443.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 628,437 shares of company stock valued at $41,982,511. Insiders own 1.40% of the company’s stock.

Kellogg Profile

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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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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