The Manufacturers Life Insurance Company raised its position in Kellogg (NYSE:K) by 14.0% during the first quarter, HoldingsChannel reports. The firm owned 272,231 shares of the company’s stock after purchasing an additional 33,345 shares during the period. The Manufacturers Life Insurance Company’s holdings in Kellogg were worth $16,331,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in shares of Kellogg by 2.0% during the 4th quarter. Victory Capital Management Inc. now owns 169,576 shares of the company’s stock worth $11,728,000 after purchasing an additional 3,354 shares during the last quarter. FMR LLC increased its position in shares of Kellogg by 21.3% during the 4th quarter. FMR LLC now owns 623,476 shares of the company’s stock worth $43,119,000 after purchasing an additional 109,682 shares during the last quarter. National Asset Management Inc. acquired a new stake in shares of Kellogg during the 4th quarter worth about $284,000. Busey Wealth Management acquired a new stake in shares of Kellogg during the 4th quarter worth about $28,000. Finally, Korea Investment CORP increased its position in shares of Kellogg by 54.8% during the 4th quarter. Korea Investment CORP now owns 191,600 shares of the company’s stock worth $13,251,000 after purchasing an additional 67,800 shares during the last quarter. Institutional investors own 84.46% of the company’s stock.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $66.72, for a total transaction of $6,672,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last three months, insiders sold 400,000 shares of company stock worth $26,127,000. Corporate insiders own 1.10% of the company’s stock.

A number of analysts recently issued reports on the company. Consumer Edge raised Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price objective for the company in a research report on Friday, May 1st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $71.00 target price on shares of Kellogg in a research report on Monday, May 4th. ValuEngine downgraded Kellogg from a “hold” rating to a “sell” rating in a research report on Thursday, June 4th. Morgan Stanley lifted their target price on Kellogg from $66.00 to $67.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. lifted their target price on Kellogg from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $68.88.

NYSE:K opened at $65.08 on Tuesday. The firm has a market cap of $21.88 billion, a P/E ratio of 21.77, a PEG ratio of 4.39 and a beta of 0.57. The company has a current ratio of 0.77, a quick ratio of 0.55 and a debt-to-equity ratio of 2.38. The stock’s 50 day simple moving average is $64.72 and its 200-day simple moving average is $65.21. Kellogg has a 12-month low of $52.66 and a 12-month high of $71.05.

Kellogg (NYSE:K) last released its earnings results on Thursday, April 30th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.04. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.39 billion. Kellogg had a return on equity of 41.25% and a net margin of 7.61%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.01 earnings per share. Research analysts forecast that Kellogg will post 3.8 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date was Friday, May 29th. Kellogg’s payout ratio is currently 57.87%.

Kellogg Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, 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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