Pictet Asset Management Ltd. Decreases Position in Kellogg Company (NYSE:K)
Pictet Asset Management Ltd. reduced its stake in shares of Kellogg Company (NYSE:K) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 252,124 shares of the company’s stock after selling 7,000 shares during the period. Pictet Asset Management Ltd.’s holdings in Kellogg were worth $18,053,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Alpha Windward LLC raised its position in shares of Kellogg by 0.4% in the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock valued at $179,000 after buying an additional 11 shares during the period. Altfest L J & Co. Inc. raised its position in Kellogg by 0.5% in the first quarter. Altfest L J & Co. Inc. now owns 2,891 shares of the company’s stock valued at $210,000 after buying an additional 14 shares during the last quarter. Washington Trust Bank raised its position in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after buying an additional 15 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in Kellogg by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,813 shares of the company’s stock valued at $495,000 after buying an additional 21 shares during the last quarter. Finally, Whittier Trust Co. raised its position in Kellogg by 1.0% in the first quarter. Whittier Trust Co. now owns 3,085 shares of the company’s stock valued at $224,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Shares of Kellogg Company (NYSE K) opened at 68.81 on Friday. Kellogg Company has a one year low of $65.32 and a one year high of $83.83. The firm’s 50-day moving average is $67.90 and its 200 day moving average is $71.54. The firm has a market capitalization of $23.75 billion, a P/E ratio of 31.15 and a beta of 0.50.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The firm had revenue of $3.19 billion for 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 EPS. Equities research analysts predict that Kellogg Company will post $3.98 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.14%. This is a boost from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, August 30th. Kellogg’s dividend payout ratio is presently 94.12%.
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Several research analysts recently weighed in on the stock. Susquehanna Bancshares Inc set a $78.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Wednesday, June 14th. Zacks Investment Research lowered shares of Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Piper Jaffray Companies assumed coverage on shares of Kellogg in a research note on Wednesday, May 24th. They set an “overweight” rating and a $78.00 price objective on the stock. Sanford C. Bernstein set a $62.00 price objective on shares of Kellogg and gave the stock a “sell” rating in a research note on Tuesday, June 27th. Finally, Credit Suisse Group reduced their price objective on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $74.50.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total value of $1,852,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John T. Dillon sold 4,900 shares of the 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 disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
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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