Kellogg (K) Shares Bought by Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp
Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its position in Kellogg (NYSE:K) by 0.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 329,600 shares of the company’s stock after acquiring an additional 700 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.10% of Kellogg worth $23,029,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of K. Integrated Investment Consultants LLC acquired a new position in Kellogg in the 2nd quarter valued at approximately $110,000. CSat Investment Advisory L.P. acquired a new position in Kellogg in the 2nd quarter valued at approximately $127,000. Fort L.P. acquired a new position in Kellogg in the 2nd quarter valued at approximately $127,000. Whittier Trust Co. of Nevada Inc. increased its stake in Kellogg by 76.5% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,000 shares of the company’s stock valued at $197,000 after buying an additional 1,300 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new position in Kellogg in the 2nd quarter valued at approximately $201,000. Institutional investors and hedge funds own 88.94% of the company’s stock.
Shares of K opened at $74.80 on Friday. Kellogg has a 12 month low of $56.40 and a 12 month high of $74.84. The firm has a market cap of $25.81 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 2.17 and a beta of 0.46. The company has a current ratio of 0.82, a quick ratio of 0.50 and a debt-to-equity ratio of 2.57.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a yield of 2.99%. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total value of $16,041,150.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders sold a total of 741,655 shares of company stock worth $53,371,974 over the last quarter. 1.40% of the stock is currently owned by company insiders.
K has been the topic of several research reports. Wells Fargo & Co reiterated a “hold” rating on shares of Kellogg in a research note on Monday, July 23rd. Buckingham Research upped their price objective on shares of Kellogg from $76.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Credit Suisse Group set a $68.00 price objective on shares of Kellogg and gave the company a “hold” rating in a research note on Tuesday, June 12th. Finally, ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $72.06.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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