FDO Partners LLC Takes Position in Kellogg Company (K)
FDO Partners LLC acquired a new position in shares of Kellogg Company (NYSE:K) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,330 shares of the company’s stock, valued at approximately $1,476,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cigna Investments Inc. New purchased a new position in shares of Kellogg Company during the fourth quarter worth approximately $680,000. Zurich Insurance Group Ltd FI increased its position in shares of Kellogg Company by 1.1% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 19,853 shares of the company’s stock worth $1,463,000 after buying an additional 223 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Kellogg Company by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 566,544 shares of the company’s stock worth $41,761,000 after buying an additional 18,532 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Kellogg Company by 2.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 875,643 shares of the company’s stock worth $64,543,000 after buying an additional 18,768 shares during the period. Finally, Toronto Dominion Bank increased its position in shares of Kellogg Company by 28.8% in the first quarter. Toronto Dominion Bank now owns 108,255 shares of the company’s stock worth $7,866,000 after buying an additional 24,223 shares during the period. 83.70% of the stock is owned by institutional investors.
Shares of Kellogg Company (NYSE K) traded down 1.67% during mid-day trading on Friday, reaching $71.88. 3,595,785 shares of the company’s stock traded hands. The firm has a 50-day moving average of $71.66 and a 200 day moving average of $72.80. Kellogg Company has a 12-month low of $68.67 and a 12-month high of $87.16. The company has a market cap of $25.18 billion, a P/E ratio of 32.52 and a beta of 0.49.
Kellogg Company (NYSE:K) last posted its quarterly earnings results on Thursday, May 4th. The company reported $1.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.05. The company had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.28 billion. Kellogg Company had a net margin of 6.07% and a return on equity of 67.99%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.97 earnings per share. Equities analysts forecast that Kellogg Company will post $3.92 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, May 30th. This represents a $2.08 annualized dividend and a yield of 2.89%. Kellogg Company’s payout ratio is currently 94.55%.
K has been the subject of a number of analyst reports. Sanford C. Bernstein downgraded shares of Kellogg Company from a “market perform” rating to an “underperform” rating in a research report on Tuesday, March 21st. Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $80.00 target price (down previously from $82.00) on shares of Kellogg Company in a report on Tuesday, April 25th. Credit Suisse Group reduced their target price on shares of Kellogg Company from $80.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Zacks Investment Research downgraded shares of Kellogg Company from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. Finally, Piper Jaffray Companies started coverage on shares of Kellogg Company in a report on Wednesday, May 24th. They set an “overweight” rating and a $78.00 target price for the company. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. Kellogg Company presently has a consensus rating of “Hold” and a consensus target price of $81.33.
In other Kellogg Company news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Dillon sold 4,900 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,900 shares of company stock valued at $7,178,363. 1.30% of the stock is owned by company insiders.
About Kellogg Company
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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