Kellogg Company (K) Shares Bought by Pacer Advisors Inc.
Pacer Advisors Inc. raised its position in Kellogg Company (NYSE:K) by 157.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,675 shares of the company’s stock after buying an additional 8,353 shares during the period. Pacer Advisors Inc.’s holdings in Kellogg were worth $950,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Invictus RG purchased a new position in Kellogg during the first quarter valued at approximately $458,000. Beutel Goodman & Co Ltd. increased its position in Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after buying an additional 616,120 shares during the last quarter. Vanguard Group Inc. increased its position in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the last quarter. Cambridge Trust Co. increased its position in Kellogg by 25.3% in the first quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock valued at $719,000 after buying an additional 2,000 shares during the last quarter. Finally, Somerset Trust Co increased its position in Kellogg by 2.9% in the second quarter. Somerset Trust Co now owns 16,037 shares of the company’s stock valued at $1,114,000 after buying an additional 447 shares during the last quarter. Hedge funds and other institutional investors own 85.41% of the company’s stock.
Kellogg Company (NYSE K) opened at 66.30 on Wednesday. The company has a market cap of $22.88 billion, a PE ratio of 30.01 and a beta of 0.50. The company has a 50-day moving average price of $68.07 and a 200-day moving average price of $71.33. Kellogg Company has a 1-year low of $65.32 and a 1-year high of $83.37.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. On average, analysts expect that Kellogg Company will post $3.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.26%. This is a boost from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, August 30th. Kellogg’s dividend payout ratio is 94.12%.
A number of equities research analysts have issued reports on the stock. BidaskClub cut shares of Kellogg from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Susquehanna Bancshares Inc set a $78.00 target price on shares of Kellogg and gave the company a “hold” rating in a report on Wednesday, June 14th. Royal Bank Of Canada decreased their price target on shares of Kellogg from $84.00 to $81.00 and set a “sector perform” rating on the stock in a report on Friday, May 5th. UBS AG decreased their price target on shares of Kellogg from $81.00 to $76.00 and set a “neutral” rating on the stock in a report on Friday, May 5th. Finally, TheStreet raised shares of Kellogg from a “c+” rating to a “b+” rating in a report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and a consensus price target of $74.50.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John T. Dillon sold 4,900 shares of the firm’s 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. 1.30% of the stock is owned by corporate insiders.
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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