Occidental Asset Management LLC boosted its stake in Kellogg (NYSE:K) by 21.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 9,066 shares of the company’s stock after acquiring an additional 1,603 shares during the quarter. Occidental Asset Management LLC’s holdings in Kellogg were worth $486,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in K. Ceredex Value Advisors LLC grew its stake in Kellogg by 37.1% in the 1st quarter. Ceredex Value Advisors LLC now owns 2,849,219 shares of the company’s stock valued at $163,488,000 after acquiring an additional 771,375 shares during the period. Beutel Goodman & Co Ltd. boosted its stake in Kellogg by 13.5% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 3,894,578 shares of the company’s stock worth $167,224,000 after purchasing an additional 462,398 shares during the last quarter. AMF Pensionsforsakring AB acquired a new stake in Kellogg during the 2nd quarter worth $19,925,000. Geode Capital Management LLC boosted its stake in Kellogg by 11.6% during the 4th quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock worth $200,178,000 after purchasing an additional 364,719 shares during the last quarter. Finally, Highstreet Asset Management Inc. boosted its stake in Kellogg by 2,314.1% during the 1st quarter. Highstreet Asset Management Inc. now owns 344,714 shares of the company’s stock worth $19,780,000 after purchasing an additional 330,435 shares during the last quarter. 87.40% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have issued reports on K. Barclays set a $62.00 target price on shares of Kellogg and gave the stock a “sell” rating in a research note on Friday, August 2nd. Consumer Edge lowered Kellogg from an “equal weight” rating to an “underweight” rating and set a $49.00 price target on the stock. in a report on Monday, June 24th. 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. GMP Securities reiterated a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Finally, Guggenheim lifted their price target on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. Kellogg has an average rating of “Hold” and a consensus price target of $63.47.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.08. The firm had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.41 billion. Kellogg had a net margin of 6.28% and a return on equity of 41.91%. Kellogg’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.14 EPS. On average, equities research analysts predict that Kellogg will post 3.89 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a $0.57 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a yield of 3.58%. The ex-dividend date is Friday, August 30th. Kellogg’s payout ratio is 51.73%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $54.84, for a total value of $5,484,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders sold 600,000 shares of company stock worth $33,914,000. 0.09% of the stock is owned by insiders.
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. 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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