Xponance Inc. Grows Holdings in Kellogg (NYSE:K)

Posted by Defense World Staff on Jul 1st, 2023

Xponance Inc. lifted its stake in Kellogg (NYSE:K – Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 47,066 shares of the company’s stock after acquiring an additional 1,239 shares during the quarter. Xponance Inc.’s holdings in Kellogg were worth $3,152,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. GPS Wealth Strategies Group LLC purchased a new position in Kellogg during the 1st quarter valued at about $109,000. Ronald Blue Trust Inc. boosted its stake in shares of Kellogg by 120.0% in the first quarter. Ronald Blue Trust Inc. now owns 385 shares of the company’s stock valued at $27,000 after purchasing an additional 210 shares during the period. Czech National Bank grew its holdings in shares of Kellogg by 0.6% in the first quarter. Czech National Bank now owns 30,144 shares of the company’s stock valued at $2,018,000 after purchasing an additional 184 shares in the last quarter. Valeo Financial Advisors LLC increased its stake in Kellogg by 13.1% during the 1st quarter. Valeo Financial Advisors LLC now owns 15,033 shares of the company’s stock worth $1,007,000 after buying an additional 1,742 shares during the period. Finally, Gradient Investments LLC lifted its holdings in Kellogg by 5.9% during the 1st quarter. Gradient Investments LLC now owns 7,191 shares of the company’s stock worth $482,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 83.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on K shares. The Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $83.00 in a research report on Tuesday. Barclays increased their price target on Kellogg from $72.00 to $74.00 in a research report on Monday, May 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on Kellogg from $60.00 to $71.00 in a research report on Friday, May 5th. TheStreet raised shares of Kellogg from a “c+” rating to a “b-” rating in a report on Thursday, May 4th. Finally, StockNews.com began coverage on shares of Kellogg in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.08.

Insider Activity at Kellogg

In related news, SVP Kris Bahner sold 3,483 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $71.01, for a total transaction of $247,327.83. Following the transaction, the senior vice president now owns 18,013 shares of the company’s stock, valued at $1,279,103.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $65.41, for a total value of $6,541,000.00. Following the completion of the sale, the insider now owns 54,831,838 shares in the company, valued at approximately $3,586,550,523.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kris Bahner sold 3,483 shares of the business’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $71.01, for a total transaction of $247,327.83. Following the transaction, the senior vice president now owns 18,013 shares in the company, valued at $1,279,103.13. The disclosure for this sale can be found here. Insiders sold a total of 603,483 shares of company stock worth $40,770,328 in the last 90 days. 1.40% of the stock is owned by insiders.

Kellogg Price Performance

Shares of NYSE:K opened at $67.40 on Friday. Kellogg has a 12 month low of $63.74 and a 12 month high of $77.17. The firm has a market capitalization of $23.10 billion, a P/E ratio of 27.85, a P/E/G ratio of 3.81 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.72 and a quick ratio of 0.42. The company’s fifty day moving average price is $67.95 and its 200 day moving average price is $68.07.

Kellogg (NYSE:K – Free Report) last posted its earnings results on Thursday, May 4th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Kellogg had a return on equity of 32.09% and a net margin of 5.33%. The business’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.10 earnings per share. As a group, sell-side analysts predict that Kellogg will post 4.1 earnings per share for the current fiscal year.

Kellogg Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were issued a $0.59 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.50%. Kellogg’s payout ratio is 97.52%.

Kellogg Company Profile

(Free Report)

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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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