Pinebridge Investments L.P. Reduces Stock Holdings in Kellogg (NYSE:K)

Pinebridge Investments L.P. lowered its holdings in shares of Kellogg (NYSE:KGet Rating) by 6.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 237,151 shares of the company’s stock after selling 15,890 shares during the quarter. Pinebridge Investments L.P. owned 0.07% of Kellogg worth $15,277,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of K. Paradigm Financial Partners LLC acquired a new position in Kellogg during the 4th quarter valued at about $349,000. Massachusetts Financial Services Co. MA raised its holdings in Kellogg by 0.8% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,925,522 shares of the company’s stock worth $124,042,000 after purchasing an additional 15,624 shares during the period. Teacher Retirement System of Texas raised its holdings in Kellogg by 20.9% in the 4th quarter. Teacher Retirement System of Texas now owns 49,730 shares of the company’s stock worth $3,204,000 after purchasing an additional 8,582 shares during the period. Financial Counselors Inc. raised its holdings in Kellogg by 4.4% in the 4th quarter. Financial Counselors Inc. now owns 4,123 shares of the company’s stock worth $266,000 after purchasing an additional 174 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Kellogg during the fourth quarter valued at approximately $976,000. Institutional investors own 84.34% of the company’s stock.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $74.06, for a total transaction of $10,824,091.18. Following the completion of the sale, the insider now directly owns 57,754,909 shares of the company’s stock, valued at approximately $4,277,328,560.54. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,163 shares of the company’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $66.08, for a total transaction of $9,658,451.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 914,942 shares of company stock valued at $60,805,193. Insiders own 1.40% of the company’s stock.

Several research analysts have recently commented on K shares. Morgan Stanley lowered their price target on Kellogg from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 13th. StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a report on Monday. Piper Sandler cut Kellogg from a “neutral” rating to an “underweight” rating and cut their price target for the company from $66.00 to $62.00 in a research note on Tuesday, May 3rd. BMO Capital Markets cut Kellogg from an “outperform” rating to a “market perform” rating and cut their price target for the company from $75.00 to $70.00 in a research note on Monday, January 31st. Finally, Deutsche Bank Aktiengesellschaft cut Kellogg from a “buy” rating to a “hold” rating and cut their target price for the stock from $74.00 to $73.00 in a research report on Monday, April 25th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.80.

K traded up $0.51 during trading on Thursday, hitting $72.89. The company’s stock had a trading volume of 95,817 shares, compared to its average volume of 2,588,662. The firm’s 50 day moving average price is $65.92 and its 200-day moving average price is $64.60. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.65 and a quick ratio of 0.38. The stock has a market cap of $24.63 billion, a PE ratio of 16.28, a PEG ratio of 4.76 and a beta of 0.48. Kellogg has a twelve month low of $59.54 and a twelve month high of $75.56.

Kellogg (NYSE:KGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.59 billion. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. Kellogg’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.11 EPS. Equities analysts anticipate that Kellogg will post 4.05 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st will be issued a dividend of $0.58 per share. The ex-dividend date is Tuesday, May 31st. This represents a $2.32 dividend on an annualized basis and a dividend yield of 3.18%. Kellogg’s payout ratio is 51.67%.

Kellogg Profile (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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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