Spire Wealth Management Increases Stock Holdings in Kellogg (NYSE:K)

Posted by on Aug 23rd, 2023

Spire Wealth Management increased its holdings in shares of Kellogg (NYSE:K – Free Report) by 17.5% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,910 shares of the company’s stock after acquiring an additional 285 shares during the period. Spire Wealth Management’s holdings in Kellogg were worth $128,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cantor Fitzgerald Investment Advisor L.P lifted its holdings in Kellogg by 95.3% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 424,951 shares of the company’s stock valued at $27,405,000 after purchasing an additional 207,392 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Kellogg by 16.7% in the 1st quarter. HighTower Advisors LLC now owns 18,121 shares of the company’s stock valued at $1,167,000 after purchasing an additional 2,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Kellogg by 6.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,232 shares of the company’s stock valued at $2,208,000 after purchasing an additional 2,119 shares in the last quarter. Raymond James Trust N.A. lifted its holdings in Kellogg by 46.9% in the 1st quarter. Raymond James Trust N.A. now owns 8,653 shares of the company’s stock valued at $558,000 after purchasing an additional 2,764 shares in the last quarter. Finally, Cibc World Market Inc. lifted its holdings in Kellogg by 6.4% in the 1st quarter. Cibc World Market Inc. now owns 38,670 shares of the company’s stock valued at $2,494,000 after purchasing an additional 2,313 shares in the last quarter. Hedge funds and other institutional investors own 83.22% of the company’s stock.

Kellogg Stock Down 0.6 %

Shares of NYSE:K opened at $60.76 on Wednesday. The company has a market capitalization of $20.80 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 4.14 and a beta of 0.41. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.20. The business has a 50-day moving average price of $65.91 and a 200 day moving average price of $66.91. Kellogg has a 12-month low of $60.71 and a 12-month high of $77.17.

Kellogg (NYSE:K – Get Free Report) last released its earnings results on Thursday, August 3rd. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.14. The company had revenue of $4.04 billion during the quarter, compared to the consensus estimate of $4.05 billion. Kellogg had a return on equity of 33.33% and a net margin of 5.46%. Sell-side analysts expect that Kellogg will post 4.14 EPS for the current year.

Kellogg Increases Dividend

The company also recently announced 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 3.95%. The ex-dividend date is Thursday, August 31st. Kellogg’s payout ratio is currently 94.40%.

Analyst Upgrades and Downgrades

K has been the topic of a number of research reports. UBS Group raised their price objective on Kellogg from $73.00 to $74.00 in a report on Friday, May 5th. Barclays cut their target price on Kellogg from $74.00 to $69.00 and set an “underweight” rating for the company in a research note on Friday, August 11th. JPMorgan Chase & Co. cut their target price on Kellogg from $73.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, August 10th. 22nd Century Group reaffirmed an “upgrade” rating on shares of Kellogg in a research note on Tuesday, June 27th. Finally, StockNews.com initiated coverage on Kellogg in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $70.42.

Read Our Latest Research Report on K

Insider Buying and Selling at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $67.55, for a total value of $6,755,000.00. Following the completion of the transaction, the insider now directly owns 54,531,838 shares of the company’s stock, valued at approximately $3,683,625,656.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 600,000 shares of company stock valued at $39,088,000 in the last three months. 1.40% of the stock is owned by corporate insiders.

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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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