New York State Common Retirement Fund Raises Stake in Kellogg (NYSE:K)

Posted by Defense World Staff on Apr 16th, 2023

New York State Common Retirement Fund grew its stake in shares of Kellogg (NYSE:K – Get Rating) by 14.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,026 shares of the company’s stock after buying an additional 47,664 shares during the period. New York State Common Retirement Fund owned 0.11% of Kellogg worth $27,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. AdvisorNet Financial Inc raised its position in shares of Kellogg by 379.2% during the third quarter. AdvisorNet Financial Inc now owns 369 shares of the company’s stock valued at $26,000 after buying an additional 292 shares during the last quarter. Asset Dedication LLC bought a new stake in Kellogg in the third quarter worth $29,000. Exos TFP Holdings LLC bought a new stake in Kellogg in the third quarter worth $32,000. RFP Financial Group LLC bought a new stake in Kellogg in the fourth quarter worth $32,000. Finally, Guardian Wealth Advisors LLC bought a new stake in Kellogg in the third quarter worth $33,000. Institutional investors own 82.59% of the company’s stock.

Kellogg Trading Down 1.3 %

Shares of NYSE:K opened at $67.00 on Friday. Kellogg has a 1 year low of $63.74 and a 1 year high of $77.17. The firm has a market capitalization of $22.90 billion, a price-to-earnings ratio of 24.01, a price-to-earnings-growth ratio of 2.82 and a beta of 0.42. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.66 and a quick ratio of 0.38. The business’s 50 day moving average price is $66.58 and its 200-day moving average price is $69.73.

Kellogg (NYSE:K – Get Rating) last announced its earnings results on Thursday, February 9th. The company reported $0.94 earnings per share (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 firm had revenue of $3.83 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter last year, the firm posted $0.83 EPS. The business’s revenue was up 12.0% on a year-over-year basis. On average, equities research analysts forecast that Kellogg will post 4.04 earnings per share for the current fiscal year.

Kellogg Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Wednesday, March 1st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.52%. The ex-dividend date was Tuesday, February 28th. Kellogg’s dividend payout ratio is currently 84.59%.

Analyst Ratings Changes

Several brokerages recently weighed in on K. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Kellogg from $73.00 to $69.00 and set a “hold” rating on the stock in a research report on Monday, March 20th. StockNews.com raised shares of Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. Stifel Nicolaus started coverage on shares of Kellogg in a research note on Thursday. They set 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 for the company in a report on Tuesday, April 11th. Finally, Credit Suisse Group cut their price objective on shares of Kellogg from $72.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday, February 10th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Kellogg currently has a consensus rating of “Hold” and an average price target of $71.44.

Insider Activity at Kellogg

In other Kellogg news, VP Kurt D. Forche sold 3,265 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $69.36, for a total value of $226,460.40. Following the completion of the sale, the vice president now directly owns 8,942 shares of the company’s stock, valued at approximately $620,217.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $63.99, for a total transaction of $6,399,000.00. Following the completion of the sale, the insider now directly owns 55,431,838 shares of the company’s stock, valued at approximately $3,547,083,313.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kurt D. Forche sold 3,265 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $69.36, for a total value of $226,460.40. Following the transaction, the vice president now owns 8,942 shares of the company’s stock, valued at $620,217.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 628,437 shares of company stock valued at $41,982,511. 1.40% of the stock is owned by insiders.

About Kellogg

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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.