Clearbridge Investments LLC Has $3.56 Million Holdings in Kellogg (NYSE:K)
Clearbridge Investments LLC grew its position in Kellogg (NYSE:K) by 9.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,396 shares of the company’s stock after purchasing an additional 4,909 shares during the period. Clearbridge Investments LLC’s holdings in Kellogg were worth $3,563,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Profund Advisors LLC increased its holdings in shares of Kellogg by 3.7% during the 4th quarter. Profund Advisors LLC now owns 4,812 shares of the company’s stock valued at $333,000 after acquiring an additional 171 shares during the last quarter. Utah Retirement Systems increased its holdings in shares of Kellogg by 0.4% during the 4th quarter. Utah Retirement Systems now owns 46,900 shares of the company’s stock valued at $3,243,000 after acquiring an additional 200 shares during the last quarter. First Mercantile Trust Co. increased its holdings in shares of Kellogg by 11.8% during the 1st quarter. First Mercantile Trust Co. now owns 2,060 shares of the company’s stock valued at $124,000 after acquiring an additional 218 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Kellogg by 6.9% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,495 shares of the company’s stock valued at $242,000 after acquiring an additional 226 shares during the last quarter. Finally, Cim Investment Mangement Inc. increased its holdings in shares of Kellogg by 3.5% during the 1st quarter. Cim Investment Mangement Inc. now owns 6,731 shares of the company’s stock valued at $404,000 after acquiring an additional 226 shares during the last quarter. 84.46% of the stock is currently owned by institutional investors.
Kellogg stock opened at $65.08 on Tuesday. The business has a 50 day simple moving average of $64.72 and a 200 day simple moving average of $65.21. Kellogg has a one year low of $52.66 and a one year high of $71.05. The company has a market capitalization of $21.88 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 4.39 and a beta of 0.57. The company has a debt-to-equity ratio of 2.38, a current ratio of 0.77 and a quick ratio of 0.55.
The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.57 dividend. The ex-dividend date was Friday, May 29th. This represents a $2.28 annualized dividend and a dividend yield of 3.50%. Kellogg’s dividend payout ratio (DPR) is currently 57.87%.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $66.72, for a total value of $6,672,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 400,000 shares of company stock valued at $26,127,000 over the last three months. Insiders own 1.10% of the company’s stock.
K has been the subject of several recent analyst reports. Sanford C. Bernstein downgraded Kellogg from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $64.00 to $55.00 in a research note on Thursday, June 11th. Zacks Investment Research downgraded Kellogg from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a research note on Tuesday, May 26th. Credit Suisse Group initiated coverage on Kellogg in a research note on Tuesday, June 2nd. They set a “buy” rating and a $76.00 target price for the company. Royal Bank of Canada restated a “hold” rating and set a $68.00 target price on shares of Kellogg in a research note on Monday, March 23rd. Finally, Morgan Stanley increased their target price on Kellogg from $66.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $68.88.
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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