Kellogg Company (K) Stake Cut by Advisor Partners LLC
Advisor Partners LLC reduced its position in Kellogg Company (NYSE:K) by 7.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,698 shares of the company’s stock after selling 297 shares during the period. Advisor Partners LLC’s holdings in Kellogg were worth $257,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of K. Washington Trust Bank increased its stake in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares in the last quarter. Exane Derivatives increased its position in shares of Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC bought a new position in shares of Kellogg during the first quarter worth about $143,000. Security National Trust Co. increased its position in shares of Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. increased its position in shares of Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.
Shares of Kellogg Company (NYSE:K) opened at 68.81 on Friday. The stock has a market cap of $23.75 billion, a price-to-earnings ratio of 31.15 and a beta of 0.50. Kellogg Company has a 12-month low of $65.32 and a 12-month high of $83.83. The company’s 50-day moving average price is $67.90 and its 200 day moving average price is $71.54.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the business posted $0.91 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Kellogg Company will post $3.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.14%. This is an increase from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
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K has been the subject of several recent analyst reports. Sanford C. Bernstein set a $62.00 price target on Kellogg and gave the stock a “sell” rating in a research note on Tuesday, June 27th. Royal Bank Of Canada upped their price target on Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Monday, August 7th. Piper Jaffray Companies set a $78.00 price target on Kellogg and gave the stock a “buy” rating in a research note on Monday, August 7th. Credit Suisse Group dropped their price target on Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Finally, Susquehanna Bancshares Inc restated a “neutral” rating and issued a $80.00 price target (down from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Kellogg currently has a consensus rating of “Hold” and an average target price of $74.50.
In related news, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by 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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