ING Groep NV lowered its stake in Kellogg Co. (NYSE:K) by 4.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,564 shares of the company’s stock after selling 4,426 shares during the period. ING Groep NV’s holdings in Kellogg were worth $7,884,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the company. Aviance Capital Management LLC increased its position in Kellogg by 13.0% in the second quarter. Aviance Capital Management LLC now owns 3,155 shares of the company’s stock valued at $258,000 after buying an additional 363 shares in the last quarter. Retirement Systems of Alabama increased its position in Kellogg by 42.2% in the second quarter. Retirement Systems of Alabama now owns 182,526 shares of the company’s stock valued at $14,903,000 after buying an additional 54,123 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in Kellogg by 0.6% in the second quarter. Cullen Frost Bankers Inc. now owns 21,895 shares of the company’s stock valued at $1,788,000 after buying an additional 127 shares in the last quarter. Conning Inc. increased its position in Kellogg by 10.3% in the second quarter. Conning Inc. now owns 6,629 shares of the company’s stock valued at $541,000 after buying an additional 620 shares in the last quarter. Finally, Green Square Capital LLC bought a new position in Kellogg during the second quarter valued at approximately $202,000. 81.75% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kellogg Co. (NYSE:K) traded down 0.28% on Monday, reaching $77.25. 1,311,914 shares of the company were exchanged. The firm has a market capitalization of $27.06 billion, a PE ratio of 44.19 and a beta of 0.47. Kellogg Co. has a 12-month low of $64.65 and a 12-month high of $87.16. The stock’s 50-day moving average is $80.22 and its 200 day moving average is $78.73.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.91. The business earned $3.27 billion during the quarter, compared to analyst estimates of $3.37 billion. Kellogg had a return on equity of 56.33% and a net margin of 4.71%. The company’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.92 EPS. On average, analysts forecast that Kellogg Co. will post $0.10 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Tuesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.50. Kellogg’s payout ratio is presently 119.54%.
Several research firms recently commented on K. Credit Suisse Group AG restated an “outperform” rating on shares of Kellogg in a research note on Wednesday, July 6th. Deutsche Bank AG upped their price target on shares of Kellogg from $74.00 to $78.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Susquehanna restated a “hold” rating on shares of Kellogg in a research note on Wednesday, August 3rd. Royal Bank Of Canada upped their price target on shares of Kellogg from $82.00 to $86.00 and gave the company a “sector perform” rating in a research note on Friday, August 5th. Finally, Argus restated a “hold” rating on shares of Kellogg in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $81.65.
In other news, Vice Chairman Gary H. Pilnick sold 57,870 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $83.36, for a total value of $4,824,043.20. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 99,000 shares of the stock in a transaction on Thursday, July 14th. The stock was sold at an average price of $84.00, for a total transaction of $8,316,000.00. The disclosure for this sale can be found here. Company insiders own 8.80% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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