BlackRock Inc. Cuts Holdings in Kellogg (NYSE:K)

BlackRock Inc. lowered its stake in shares of Kellogg (NYSE:K) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,056,117 shares of the company’s stock after selling 201,355 shares during the period. BlackRock Inc. owned 0.07% of Kellogg worth $1,434,783,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Clearview Wealth Advisors LLC purchased a new stake in shares of Kellogg during the fourth quarter valued at $25,000. Princeton Global Asset Management LLC raised its stake in shares of Kellogg by 100.0% in the third quarter. Princeton Global Asset Management LLC now owns 440 shares of the company’s stock worth $28,000 after purchasing an additional 220 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Kellogg during the fourth quarter worth about $29,000. Birchcreek Wealth Management LLC purchased a new stake in Kellogg in the fourth quarter valued at approximately $31,000. Finally, Simon Quick Advisors LLC acquired a new position in Kellogg in the 3rd quarter worth approximately $32,000. 86.08% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have weighed in on K. Credit Suisse Group lowered Kellogg from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $77.00 to $68.00 in a research note on Monday, November 23rd. Citigroup reduced their price target on Kellogg from $75.00 to $72.00 in a research report on Tuesday. Piper Sandler downgraded Kellogg from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $76.00 to $66.00 in a report on Tuesday, January 5th. JPMorgan Chase & Co. dropped their price objective on shares of Kellogg from $67.00 to $58.00 in a research note on Tuesday, January 19th. Finally, Jefferies Financial Group decreased their target price on shares of Kellogg from $69.00 to $65.00 and set a “hold” rating for the company in a research note on Tuesday, January 12th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $67.54.

Shares of NYSE:K opened at $59.53 on Friday. Kellogg has a 1 year low of $52.66 and a 1 year high of $72.88. The company has a debt-to-equity ratio of 1.95, a current ratio of 0.79 and a quick ratio of 0.58. The business’s 50 day moving average price is $59.15 and its 200-day moving average price is $63.80. The firm has a market capitalization of $20.46 billion, a PE ratio of 17.21, a P/E/G ratio of 3.71 and a beta of 0.60.

Kellogg (NYSE:K) last issued its earnings results on Wednesday, February 10th. The company reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.03). Kellogg had a net margin of 8.80% and a return on equity of 41.23%. As a group, analysts expect that Kellogg will post 4.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Investors of record on Tuesday, March 9th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, March 1st. This represents a $2.28 dividend on an annualized basis and a yield of 3.83%. Kellogg’s payout ratio is 57.87%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of Kellogg stock in a transaction on Monday, December 21st. The stock was sold at an average price of $60.94, for a total transaction of $5,078,373.96. Insiders have sold 416,667 shares of company stock worth $24,770,853 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal 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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