Pinebridge Investments L.P. raised its position in shares of Kellogg (NYSE:K) by 27.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 250,965 shares of the company’s stock after buying an additional 53,295 shares during the period. Pinebridge Investments L.P. owned about 0.07% of Kellogg worth $13,444,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coastal Investment Advisors Inc. boosted its holdings in Kellogg by 117.4% in the second quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock valued at $30,000 after purchasing an additional 304 shares during the period. Penserra Capital Management LLC purchased a new position in Kellogg in the first quarter valued at $40,000. AGF Investments LLC boosted its holdings in Kellogg by 39.4% in the second quarter. AGF Investments LLC now owns 828 shares of the company’s stock valued at $44,000 after purchasing an additional 234 shares during the period. Capital Investment Advisory Services LLC boosted its holdings in Kellogg by 37.6% in the second quarter. Capital Investment Advisory Services LLC now owns 1,216 shares of the company’s stock valued at $69,000 after purchasing an additional 332 shares during the period. Finally, Farmers National Bank purchased a new position in Kellogg in the first quarter valued at $78,000. Institutional investors and hedge funds own 88.42% of the company’s stock.
Shares of NYSE:K traded down $0.28 during trading on Friday, hitting $63.42. 99,773 shares of the stock were exchanged, compared to its average volume of 2,227,455. The company has a fifty day moving average price of $62.30 and a two-hundred day moving average price of $57.72. The company has a market cap of $21.69 billion, a PE ratio of 14.63, a P/E/G ratio of 3.60 and a beta of 0.54. The company has a current ratio of 0.70, a quick ratio of 0.46 and a debt-to-equity ratio of 2.67. Kellogg has a 12-month low of $51.34 and a 12-month high of $74.98.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.08. The company had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.41 billion. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. Kellogg’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.14 EPS. Equities research analysts anticipate that Kellogg will post 3.88 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be given a $0.57 dividend. This is a boost from Kellogg’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Friday, August 30th. Kellogg’s dividend payout ratio is presently 52.66%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $54.98, for a total value of $5,498,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders sold 600,000 shares of company stock valued at $35,403,000. 0.09% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on the company. Canaccord Genuity reaffirmed an “average” rating on shares of Kellogg in a report on Tuesday, June 25th. Buckingham Research lifted their price target on Kellogg from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. ValuEngine raised Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating and set a $67.00 price target for the company. in a report on Friday, August 2nd. Finally, Morgan Stanley lifted their price target on Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. Kellogg currently has a consensus rating of “Hold” and a consensus target price of $64.28.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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