Raymond James Financial Services Advisors Inc. Has $3.65 Million Stake in Kellogg Company (K)
Raymond James Financial Services Advisors Inc. grew its position in Kellogg Company (NYSE:K) by 28.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,522 shares of the company’s stock after purchasing an additional 11,785 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Kellogg were worth $3,648,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Washington Trust Bank raised its holdings in shares of 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 purchasing an additional 15 shares during the last quarter. Pathstone Family Office LLC purchased a new stake in shares of Kellogg in the first quarter valued at about $143,000. Exane Derivatives raised its holdings in shares of Kellogg by 24.2% in the second quarter. Exane Derivatives now owns 2,300 shares of the company’s stock valued at $160,000 after purchasing an additional 448 shares during the last quarter. CWM LLC raised its holdings in shares of Kellogg by 5.3% in the second quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after purchasing an additional 117 shares during the last quarter. Finally, Alpha Windward LLC raised its holdings 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 purchasing an additional 11 shares during the last quarter. Institutional investors own 85.40% of the company’s stock.
Several analysts have recently commented on K shares. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the company a “buy” rating in a report on Monday, August 7th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 target price on shares of Kellogg in a report on Wednesday, September 6th. Bank of America Corporation reiterated an “underperform” rating and issued a $66.00 target price (down previously from $72.00) on shares of Kellogg in a report on Monday, October 9th. Finally, Morgan Stanley reiterated 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. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $73.45.
Shares of Kellogg Company (NYSE K) opened at 61.96 on Friday. Kellogg Company has a 12-month low of $61.03 and a 12-month high of $78.37. The company’s 50-day moving average is $64.83 and its 200-day moving average is $68.98. The stock has a market cap of $21.38 billion, a P/E ratio of 28.05 and a beta of 0.48.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share 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 business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. Kellogg’s revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Kellogg Company will post $3.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were given a $0.54 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date was Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.49%. Kellogg’s payout ratio is 97.74%.
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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