United Services Automobile Association Has $21.08 Million Holdings in Kellogg (K)
United Services Automobile Association boosted its position in shares of Kellogg (NYSE:K) by 1.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 301,038 shares of the company’s stock after acquiring an additional 4,443 shares during the period. United Services Automobile Association owned about 0.09% of Kellogg worth $21,079,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its holdings in shares of Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock valued at $372,017,000 after buying an additional 1,076,748 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Kellogg in the 2nd quarter valued at $65,600,000. Millennium Management LLC boosted its holdings in shares of Kellogg by 61.8% in the 2nd quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock valued at $168,958,000 after buying an additional 923,365 shares in the last quarter. Putnam Investments LLC boosted its holdings in shares of Kellogg by 25,701.7% in the 2nd quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock valued at $59,509,000 after buying an additional 848,412 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Kellogg by 211.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 943,292 shares of the company’s stock valued at $66,005,000 after buying an additional 640,495 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.
Several brokerages have recently issued reports on K. Morgan Stanley began coverage on shares of Kellogg in a report on Monday, September 17th. They issued an “equal weight” rating and a $75.00 target price for the company. ValuEngine upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Credit Suisse Group upped their target price on shares of Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, August 9th. Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. Finally, Piper Jaffray Companies set a $79.00 target price on shares of Kellogg and gave the company a “buy” rating in a report on Tuesday, October 16th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. Kellogg has an average rating of “Hold” and an average target price of $70.22.
Kellogg (NYSE:K) last issued its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. As a group, research analysts expect that Kellogg will post 4.31 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio is currently 55.45%.
In other news, CFO Fareed A. Khan acquired 8,190 shares of the business’s stock in a transaction on Tuesday, November 20th. The stock was bought at an average price of $62.14 per share, for a total transaction of $508,926.60. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the company’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $74.61, for a total transaction of $16,041,150.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 600,000 shares of company stock valued at $41,536,950. 1.40% of the stock is owned by insiders.
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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