Kellogg (NYSE:K) Stock Position Decreased by Mirae Asset Global Investments Co. Ltd.

Posted by on Aug 9th, 2023

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of Kellogg (NYSE:K – Free Report) by 69.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 103,685 shares of the company’s stock after selling 231,777 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Kellogg were worth $6,943,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Czech National Bank raised its stake in Kellogg by 0.6% during the 1st 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 during the period. Auto Owners Insurance Co acquired a new position in shares of Kellogg in the 4th quarter valued at about $9,625,000. Moors & Cabot Inc. lifted its position in shares of Kellogg by 8.2% in the fourth quarter. Moors & Cabot Inc. now owns 6,534 shares of the company’s stock worth $465,000 after purchasing an additional 495 shares in the last quarter. Dfpg Investments LLC acquired a new stake in shares of Kellogg during the fourth quarter worth approximately $455,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. grew its position in Kellogg by 5.6% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 46,903 shares of the company’s stock valued at $3,342,000 after purchasing an additional 2,495 shares in the last quarter. 83.22% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $68.49, for a total value of $6,849,000.00. Following the sale, the insider now directly owns 54,931,838 shares in the company, valued at approximately $3,762,281,584.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 500,000 shares of company stock worth $33,449,000 over the last three months. 1.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

K has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Kellogg from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $68.00 to $72.00 in a report on Friday, May 5th. The Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and upped their target price for the stock from $78.00 to $83.00 in a research report on Tuesday, June 27th. 22nd Century Group reiterated an “upgrade” rating on shares of Kellogg in a report on Tuesday, June 27th. Stifel Nicolaus started coverage on Kellogg in a report on Thursday, April 13th. They issued a “hold” rating and a $71.00 price objective on the stock. Finally, Sanford C. Bernstein upgraded shares of Kellogg from an “underperform” rating to a “market perform” rating and set a $62.00 target price for the company in a research note on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Kellogg presently has a consensus rating of “Hold” and an average target price of $70.83.

Check Out Our Latest Stock Report on K

Kellogg Trading Down 2.1 %

NYSE:K opened at $63.46 on Wednesday. The company’s 50 day moving average is $66.71 and its 200-day moving average is $67.28. The company has a quick ratio of 0.40, a current ratio of 0.66 and a debt-to-equity ratio of 1.20. Kellogg has a 12 month low of $63.40 and a 12 month high of $77.17. The firm has a market cap of $21.73 billion, a price-to-earnings ratio of 25.38, a P/E/G ratio of 4.34 and a beta of 0.41.

Kellogg (NYSE:K – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.14. The company had revenue of $4.04 billion during the quarter, compared to analysts’ expectations of $4.05 billion. Kellogg had a net margin of 5.46% and a return on equity of 33.33%. Equities analysts anticipate that Kellogg will post 4.13 EPS for the current year.

Kellogg Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.60 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.59. This represents a $2.40 annualized dividend and a yield of 3.78%. The ex-dividend date is Thursday, August 31st. Kellogg’s payout ratio is currently 94.40%.

About Kellogg

(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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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