Kellogg Company (K) Position Boosted by Boston Family Office LLC
Boston Family Office LLC boosted its position in shares of Kellogg Company (NYSE:K) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,950 shares of the company’s stock after buying an additional 25 shares during the period. Boston Family Office LLC’s holdings in Kellogg were worth $1,664,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. ARS Investment Partners LLC increased its position in shares of Kellogg by 639.2% in the second quarter. ARS Investment Partners LLC now owns 165,287 shares of the company’s stock worth $11,481,000 after buying an additional 142,928 shares during the period. KBC Group NV increased its position in shares of Kellogg by 11.2% in the second quarter. KBC Group NV now owns 43,318 shares of the company’s stock worth $3,009,000 after buying an additional 4,374 shares during the period. Gamco Investors INC. ET AL increased its position in shares of Kellogg by 3.4% in the second quarter. Gamco Investors INC. ET AL now owns 778,668 shares of the company’s stock worth $54,086,000 after buying an additional 25,800 shares during the period. Legal & General Group Plc increased its position in shares of Kellogg by 3.8% in the second quarter. Legal & General Group Plc now owns 1,342,857 shares of the company’s stock worth $93,274,000 after buying an additional 49,677 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Kellogg by 24.2% in the second quarter. SG Americas Securities LLC now owns 64,920 shares of the company’s stock worth $4,509,000 after buying an additional 12,658 shares during the period. Hedge funds and other institutional investors own 83.05% of the company’s stock.
Kellogg Company (K) traded down 0.21% during mid-day trading on Friday, hitting $69.95. The stock had a trading volume of 1,975,934 shares. The stock’s 50-day moving average is $67.92 and its 200 day moving average is $71.45. Kellogg Company has a 52 week low of $65.32 and a 52 week high of $83.65. The company has a market capitalization of $24.14 billion, a P/E ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted $0.91 earnings per share. Kellogg’s quarterly revenue was down 2.5% on a year-over-year basis. Equities analysts forecast that Kellogg Company will post $3.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors 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 represents a $2.16 dividend on an annualized basis and a yield of 3.09%. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is presently 94.12%.
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A number of brokerages have commented on K. Deutsche Bank AG restated a “hold” rating and issued a $74.00 target price (up previously from $71.00) on shares of Kellogg in a research note on Wednesday, August 9th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. Royal Bank Of Canada boosted 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, August 7th. BMO Capital Markets lowered their target price on Kellogg from $85.00 to $78.00 and set a “market perform” rating on the stock in a research note on Friday, August 4th. Finally, Zacks Investment Research downgraded Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Kellogg presently has a consensus rating of “Hold” and a consensus price target of $74.50.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
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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