Pioneer Investment Management Inc. Cuts Stake in Kellogg Company (NYSE:K)
Pioneer Investment Management Inc. decreased its position in Kellogg Company (NYSE:K) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 417,394 shares of the company’s stock after selling 900 shares during the period. Pioneer Investment Management Inc.’s holdings in Kellogg were worth $28,992,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. 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 period. Exane Derivatives raised its position in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock valued at $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC acquired a new position in Kellogg during the first quarter valued at approximately $143,000. Security National Trust Co. raised its position in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock valued at $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its position in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Shares of Kellogg Company (NYSE K) opened at 69.04 on Thursday. Kellogg Company has a 52 week low of $65.32 and a 52 week high of $84.28. The stock has a market cap of $24.18 billion, a P/E ratio of 31.24 and a beta of 0.50. The stock has a 50 day moving average of $68.00 and a 200 day moving average of $71.59.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate 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 net margin of 6.12% and a return on equity of 70.22%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. On average, analysts expect that Kellogg Company will post $3.98 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.54 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.13%. Kellogg’s payout ratio is presently 94.12%.
Several equities analysts have commented on the stock. UBS AG reiterated a “neutral” rating and set a $72.00 price objective (down previously from $76.00) on shares of Kellogg in a research report on Tuesday, July 18th. BMO Capital Markets lowered their price objective on shares of Kellogg from $85.00 to $78.00 and set a “market perform” rating for the company in a research report on Friday, August 4th. Royal Bank Of Canada lowered their price objective on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 1st. Credit Suisse Group lowered their price objective on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Monday, May 15th. Finally, TheStreet upgraded shares of Kellogg from a “c+” rating to a “b+” rating in a research report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $74.50.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’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 disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
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.
Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg Company (NYSE:K).
Receive News & Ratings for Kellogg Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg Company and related companies with Analyst Ratings Network's FREE daily email newsletter.