OppenheimerFunds Inc. trimmed its stake in shares of Kellogg (NYSE:K) by 40.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,209 shares of the company’s stock after selling 12,607 shares during the quarter. OppenheimerFunds Inc.’s holdings in Kellogg were worth $1,183,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in K. Teza Capital Management LLC bought a new stake in Kellogg during the 1st quarter worth approximately $1,388,000. OMERS ADMINISTRATION Corp bought a new stake in Kellogg during the 1st quarter worth approximately $7,463,000. MML Investors Services LLC grew its holdings in Kellogg by 22.0% during the 1st quarter. MML Investors Services LLC now owns 18,903 shares of the company’s stock worth $1,229,000 after acquiring an additional 3,406 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Kellogg during the 1st quarter worth approximately $1,241,000. Finally, Stifel Financial Corp grew its holdings in Kellogg by 12.1% during the 1st quarter. Stifel Financial Corp now owns 77,069 shares of the company’s stock worth $5,041,000 after acquiring an additional 8,305 shares during the last quarter. Institutional investors and hedge funds own 88.81% of the company’s stock.
NYSE:K opened at $66.59 on Wednesday. The company has a debt-to-equity ratio of 3.09, a quick ratio of 0.47 and a current ratio of 0.74. Kellogg has a 52 week low of $56.40 and a 52 week high of $72.00. The firm has a market capitalization of $22.98 billion, a PE ratio of 16.48, a PEG ratio of 2.03 and a beta of 0.51.
Kellogg (NYSE:K) last issued its earnings results on Thursday, May 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.11. The business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.30 billion. Kellogg had a net margin of 11.10% and a return on equity of 67.81%. Kellogg’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.06 earnings per share. equities research analysts forecast that Kellogg will post 4.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 15th. Investors of record on Friday, June 1st were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Thursday, May 31st. Kellogg’s dividend payout ratio is presently 53.47%.
In related news, CFO Fareed A. Khan bought 8,080 shares of the business’s stock in a transaction that occurred on Tuesday, May 22nd. The shares were acquired at an average cost of $61.78 per share, with a total value of $499,182.40. Following the completion of the purchase, the chief financial officer now directly owns 8,080 shares in the company, valued at $499,182.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 175,000 shares of the stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $61.37, for a total transaction of $10,739,750.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 626,992 shares of company stock worth $39,993,290. 1.40% of the stock is owned by insiders.
A number of equities research analysts have weighed in on the stock. Pivotal Research reissued a “buy” rating and set a $90.00 target price on shares of Kellogg in a report on Thursday, May 3rd. Royal Bank of Canada reissued a “hold” rating and set a $72.00 target price on shares of Kellogg in a report on Tuesday, April 24th. ValuEngine lowered shares of Kellogg from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Susquehanna Bancshares set a $63.00 target price on shares of Kellogg and gave the stock a “hold” rating in a report on Thursday, May 3rd. Finally, Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a report on Monday, March 19th. Five 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’s stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $70.79.
Kellogg Company Profile
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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