New Mexico Educational Retirement Board lessened its holdings in Kellogg (NYSE:K – Get Rating) by 5.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,840 shares of the company’s stock after selling 800 shares during the period. New Mexico Educational Retirement Board’s holdings in Kellogg were worth $957,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Humankind Investments LLC lifted its stake in shares of Kellogg by 18.2% in the 4th quarter. Humankind Investments LLC now owns 8,083 shares of the company’s stock worth $521,000 after purchasing an additional 1,244 shares during the period. Twelve Points Wealth Management LLC bought a new stake in Kellogg during the 4th quarter worth approximately $1,304,000. Comprehensive Financial Consultants Institutional Inc. bought a new stake in Kellogg during the 4th quarter worth approximately $40,000. Rovin Capital UT ADV bought a new stake in Kellogg during the 4th quarter worth approximately $582,000. Finally, BlackRock Inc. raised its stake in Kellogg by 2.3% during the 4th quarter. BlackRock Inc. now owns 25,791,189 shares of the company’s stock worth $1,661,467,000 after acquiring an additional 581,212 shares during the period. Hedge funds and other institutional investors own 84.34% of the company’s stock.
A number of research firms have commented on K. StockNews.com upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a research note on Monday, May 9th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Kellogg from $74.00 to $72.00 in a report on Wednesday. Morgan Stanley lowered their target price on shares of Kellogg from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 13th. Piper Sandler cut shares of Kellogg from a “neutral” rating to an “underweight” rating and cut their target price for the company from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Finally, Citigroup boosted their price target on shares of Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $69.10.
Kellogg (NYSE:K – Get Rating) last posted its earnings results on Thursday, May 5th. The company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.19. Kellogg had a net margin of 10.81% and a return on equity of 34.82%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the firm posted $1.11 EPS. The business’s quarterly revenue was up 2.5% on a year-over-year basis. As a group, sell-side analysts expect that Kellogg will post 4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Investors of record on Wednesday, June 1st were issued a dividend of $0.58 per share. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $2.32 annualized dividend and a yield of 3.42%. Kellogg’s payout ratio is 51.67%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction dated Monday, April 11th. The shares were sold at an average price of $67.91, for a total transaction of $9,925,250.23. Following the transaction, the insider now directly owns 58,047,215 shares in the company, valued at approximately $3,941,986,370.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 876,918 shares of company stock worth $60,969,185 over the last quarter. 1.40% of the stock is currently owned by insiders.
About Kellogg (Get Rating)
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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