Ameriprise Financial Inc. Decreases Stake in Kellogg (NYSE:K)

Posted by Defense World Staff on Sep 17th, 2023

Ameriprise Financial Inc. reduced its position in Kellogg (NYSE:K – Free Report) by 6.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,283,136 shares of the company’s stock after selling 160,289 shares during the period. Ameriprise Financial Inc. owned 0.67% of Kellogg worth $152,880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Citigroup Inc. raised its position in Kellogg by 68.8% during the first quarter. Citigroup Inc. now owns 528,022 shares of the company’s stock valued at $35,356,000 after purchasing an additional 215,260 shares during the period. ICA Group Wealth Management LLC raised its position in Kellogg by 26.8% during the first quarter. ICA Group Wealth Management LLC now owns 10,065 shares of the company’s stock valued at $674,000 after purchasing an additional 2,125 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its position in Kellogg by 130.0% during the first quarter. Bank Julius Baer & Co. Ltd Zurich now owns 7,760 shares of the company’s stock valued at $520,000 after purchasing an additional 4,386 shares during the period. Czech National Bank raised its position in Kellogg by 0.6% during 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 during the period. Finally, Auto Owners Insurance Co purchased a new stake in Kellogg during the fourth quarter valued at approximately $9,625,000. 83.87% of the stock is currently owned by hedge funds and other institutional investors.

Kellogg Trading Up 0.1 %

K opened at $59.96 on Friday. Kellogg has a 52 week low of $58.81 and a 52 week high of $77.17. The stock’s fifty day moving average is $63.60 and its two-hundred day moving average is $65.97. The company has a market capitalization of $20.53 billion, a P/E ratio of 23.98, a PEG ratio of 3.95 and a beta of 0.42. 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 (NYSE:K – Get Free Report) last announced 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. Kellogg had a return on equity of 33.33% and a net margin of 5.46%. The business had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $4.05 billion. Analysts forecast that Kellogg will post 4.14 earnings per share for the current year.

Kellogg Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.60 dividend. The ex-dividend date was Thursday, August 31st. This is an increase from Kellogg’s previous quarterly dividend of $0.59. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.00%. Kellogg’s dividend payout ratio (DPR) is currently 96.00%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Sanford C. Bernstein raised Kellogg from an “underperform” rating to a “market perform” rating and set a $62.00 target price on the stock in a research note on Thursday, June 22nd. The Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and upped their target price for the company from $78.00 to $83.00 in a research note on Tuesday, June 27th. Morgan Stanley cut their target price on Kellogg from $73.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, August 4th. Barclays cut their target price on Kellogg from $74.00 to $69.00 and set an “underweight” rating on the stock in a research note on Friday, August 11th. Finally, StockNews.com assumed coverage on Kellogg in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Kellogg presently has an average rating of “Hold” and a consensus target price of $69.86.

Get Our Latest Stock Report on Kellogg

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $65.94, for a total value of $6,594,000.00. Following the completion of the sale, the insider now owns 54,731,838 shares of the company’s stock, valued at approximately $3,609,017,397.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $59.66, for a total value of $4,641,548.00. Following the completion of the sale, the insider now owns 54,176,238 shares of the company’s stock, valued at approximately $3,232,154,359.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $65.94, for a total value of $6,594,000.00. Following the completion of the sale, the insider now directly owns 54,731,838 shares of the company’s stock, valued at approximately $3,609,017,397.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 655,600 shares of company stock worth $41,811,424. 1.40% of the stock is currently owned by company insiders.

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.