Daiwa Securities Group Inc. Buys 4,328 Shares of Kellogg (NYSE:K)

Daiwa Securities Group Inc. raised its stake in Kellogg (NYSE:KGet Rating) by 26.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,729 shares of the company’s stock after purchasing an additional 4,328 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Kellogg were worth $1,444,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of K. Vanguard Group Inc. boosted its stake in shares of Kellogg by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock worth $1,892,981,000 after acquiring an additional 646,828 shares during the period. State Street Corp boosted its stake in shares of Kellogg by 1.2% during the 2nd quarter. State Street Corp now owns 14,869,386 shares of the company’s stock worth $1,060,782,000 after acquiring an additional 173,266 shares during the period. Invesco Ltd. boosted its stake in shares of Kellogg by 6.3% during the 1st quarter. Invesco Ltd. now owns 5,137,164 shares of the company’s stock worth $331,296,000 after acquiring an additional 302,388 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Kellogg by 8.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,185,275 shares of the company’s stock worth $269,909,000 after acquiring an additional 310,891 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Kellogg by 2.8% during the 2nd quarter. Northern Trust Corp now owns 3,673,964 shares of the company’s stock worth $262,099,000 after acquiring an additional 101,556 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 200,000 shares of the company’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $70.79, for a total value of $14,158,000.00. Following the sale, the insider now owns 56,231,838 shares in the company, valued at approximately $3,980,651,812.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 200,000 shares of the company’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $70.79, for a total value of $14,158,000.00. Following the sale, the insider now owns 56,231,838 shares in the company, valued at approximately $3,980,651,812.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction dated Friday, January 20th. The shares were sold at an average price of $67.01, for a total value of $6,701,000.00. Following the completion of the transaction, the insider now directly owns 55,731,838 shares in the company, valued at $3,734,590,464.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 602,800 shares of company stock worth $42,582,712. Insiders own 1.40% of the company’s stock.

Kellogg Price Performance

Kellogg stock opened at $67.50 on Monday. The stock has a market capitalization of $23.04 billion, a P/E ratio of 15.55, a price-to-earnings-growth ratio of 2.70 and a beta of 0.44. Kellogg has a 52 week low of $59.54 and a 52 week high of $77.17. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.46 and a current ratio of 0.74. The stock has a fifty day moving average of $71.53 and a 200-day moving average of $72.47.

Kellogg (NYSE:KGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. The business had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.78 billion. Kellogg had a return on equity of 31.96% and a net margin of 10.01%. On average, sell-side analysts expect that Kellogg will post 4.13 earnings per share for the current fiscal year.

Kellogg declared that its board has authorized a share repurchase program on Monday, December 12th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Kellogg Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st were given a $0.59 dividend. The ex-dividend date was Wednesday, November 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.50%. Kellogg’s dividend payout ratio (DPR) is presently 54.38%.

Analysts Set New Price Targets

Several research firms recently weighed in on K. Morgan Stanley lifted their price target on Kellogg from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 20th. StockNews.com began coverage on Kellogg in a report on Wednesday, October 12th. They set a “buy” rating for the company. BNP Paribas began coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price target for the company. Piper Sandler dropped their price target on Kellogg to $72.00 in a report on Wednesday, October 5th. Finally, Exane BNP Paribas started coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kellogg currently has a consensus rating of “Hold” and an average target price of $72.00.

Kellogg Profile

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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.

See Also

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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