Kellogg Company (K) Holdings Lifted by Capital Research Global Investors
Capital Research Global Investors raised its holdings in shares of Kellogg Company (NYSE:K) by 54.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,031,728 shares of the company’s stock after purchasing an additional 8,495,714 shares during the period. Capital Research Global Investors owned 6.96% of Kellogg worth $1,669,244,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Washington Trust Bank grew its position in shares of Kellogg by 0.8% in the 2nd quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the last quarter. Pathstone Family Office LLC purchased a new position in shares of Kellogg during the first quarter valued at approximately $143,000. Exane Derivatives increased its stake in shares of Kellogg by 24.2% during the second quarter. Exane Derivatives now owns 2,300 shares of the company’s stock valued at $160,000 after buying an additional 448 shares during the period. CWM LLC increased its stake in shares of Kellogg by 5.3% during the second quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after buying an additional 117 shares during the period. Finally, Alpha Windward LLC increased its stake in shares of Kellogg by 0.4% during the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock valued at $179,000 after buying an additional 11 shares during the period. 85.40% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on K. Susquehanna Bancshares Inc set a $78.00 price target on Kellogg and gave the stock a “hold” rating in a research note on Wednesday, June 14th. Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Monday, June 12th. Sanford C. Bernstein set a $62.00 price objective on shares of Kellogg and gave the company a “sell” rating in a research report on Tuesday, June 27th. BidaskClub lowered shares of Kellogg from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Finally, BMO Capital Markets decreased their price objective on shares of Kellogg from $85.00 to $78.00 and set a “market perform” rating for the company in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and an average price target of $74.50.
Shares of Kellogg Company (NYSE K) traded up 0.77% during midday trading on Monday, reaching $62.85. 1,415,368 shares of the company’s stock were exchanged. The company has a market cap of $21.69 billion, a price-to-earnings ratio of 28.45 and a beta of 0.48. Kellogg Company has a 12-month low of $61.70 and a 12-month high of $78.37. The stock’s 50 day moving average price is $68.36 and its 200 day moving average price is $70.41.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the business earned $0.91 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts anticipate that Kellogg Company will post $3.97 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a dividend of $0.54 per share. The ex-dividend date was Wednesday, August 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.46%. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is currently 97.74%.
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Kellogg Company Profile
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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