DekaBank Deutsche Girozentrale Buys 353,129 Shares of Kellogg Company (NYSE:K)
DekaBank Deutsche Girozentrale increased its stake in Kellogg Company (NYSE:K) by 93.0% during the second quarter, Holdings Channel reports. The fund owned 732,930 shares of the company’s stock after buying an additional 353,129 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Kellogg were worth $50,422,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of K. Raymond James Trust N.A. increased its stake in Kellogg by 4.9% in the first quarter. Raymond James Trust N.A. now owns 7,941 shares of the company’s stock valued at $577,000 after buying an additional 371 shares during the last quarter. Gulf International Bank UK Ltd increased its stake in Kellogg by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 81,217 shares of the company’s stock valued at $5,897,000 after buying an additional 1,100 shares during the last quarter. National Pension Service increased its stake in shares of Kellogg by 7.0% in the first quarter. National Pension Service now owns 226,007 shares of the company’s stock valued at $16,395,000 after buying an additional 14,764 shares in the last quarter. Alpha Windward LLC increased its stake in shares of Kellogg by 1.5% in the first quarter. Alpha Windward LLC now owns 2,564 shares of the company’s stock valued at $186,000 after buying an additional 37 shares in the last quarter. Finally, Private Bank & Trust Co. increased its stake in shares of Kellogg by 29.0% in the first quarter. Private Bank & Trust Co. now owns 6,240 shares of the company’s stock valued at $454,000 after buying an additional 1,404 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.
Kellogg Company (K) opened at 68.75 on Friday. The stock has a 50 day moving average price of $67.95 and a 200-day moving average price of $71.57. Kellogg Company has a 1-year low of $65.32 and a 1-year high of $84.01. The stock has a market capitalization of $23.73 billion, a P/E ratio of 31.12 and a beta of 0.50.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share. Equities research analysts expect that Kellogg Company will post $3.98 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.14%. Kellogg’s payout ratio is 94.12%.
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K has been the topic of several recent analyst reports. Sanford C. Bernstein set a $62.00 target price on Kellogg and gave the company a “sell” rating in a research note on Tuesday, June 27th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the company a “buy” rating in a research note on Monday. Credit Suisse Group cut their target price on Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, May 5th. Susquehanna Bancshares Inc reiterated a “neutral” rating and set a $80.00 target price (down from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Finally, Royal Bank Of Canada increased their target price on Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $74.50.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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