Kellogg Company (K) Shares Sold by Renaissance Technologies LLC
Renaissance Technologies LLC reduced its holdings in shares of Kellogg Company (NYSE:K) by 6.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,945,300 shares of the company’s stock after selling 212,300 shares during the quarter. Renaissance Technologies LLC owned 0.84% of Kellogg worth $204,581,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Invictus RG bought a new position in shares of Kellogg during the first quarter valued at $458,000. Dupont Capital Management Corp bought a new position in shares of Kellogg during the second quarter valued at $268,000. Pacer Advisors Inc. lifted its holdings in shares of Kellogg by 157.0% during the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after purchasing an additional 8,353 shares in the last quarter. Beutel Goodman & Co Ltd. lifted its holdings in shares of Kellogg by 28.8% during the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after purchasing an additional 616,120 shares in the last quarter. Finally, Cim Investment Mangement Inc. bought a new position in shares of Kellogg during the second quarter valued at $563,000. 85.40% of the stock is currently owned by hedge funds and other institutional investors.
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Kellogg Company (NYSE K) traded down 0.88% on Friday, hitting $63.36. The stock had a trading volume of 1,962,218 shares. The company has a market cap of $21.87 billion, a price-to-earnings ratio of 28.68 and a beta of 0.49. The company has a 50 day moving average price of $68.36 and a 200-day moving average price of $70.41. Kellogg Company has a 52-week low of $63.11 and a 52-week high of $78.40.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 return on equity of 70.22% and a net margin of 6.12%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. On average, equities research analysts predict that Kellogg Company will post $3.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is 97.74%.
A number of research analysts have recently issued reports on K shares. Zacks Investment Research raised Kellogg from a “sell” rating to a “hold” rating in a report on Monday, May 29th. Susquehanna Bancshares Inc set a $78.00 target price on Kellogg and gave the company a “hold” rating in a report on Wednesday, June 14th. BidaskClub downgraded Kellogg from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Sanford C. Bernstein set a $62.00 target price on Kellogg and gave the company a “sell” rating in a report on Tuesday, June 27th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and a consensus target price of $74.50.
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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