Trust Co. of Vermont reduced its position in shares of Kellogg Company (NYSE:K) by 8.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,656 shares of the company’s stock after selling 448 shares during the period. Trust Co. of Vermont’s holdings in Kellogg were worth $323,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Invictus RG purchased a new position in Kellogg during the first quarter worth $458,000. Dimensional Fund Advisors LP boosted its stake in Kellogg by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 566,544 shares of the company’s stock worth $41,761,000 after buying an additional 18,532 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Kellogg by 2.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 875,643 shares of the company’s stock worth $64,543,000 after buying an additional 18,768 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its stake in Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after buying an additional 616,120 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after buying an additional 1,248,613 shares in the last quarter. 83.53% of the stock is owned by institutional investors.
Kellogg Company (K) traded down 1.27% during trading on Tuesday, reaching $69.22. 1,702,661 shares of the company’s stock traded hands. The firm has a 50 day moving average of $68.54 and a 200 day moving average of $71.70. Kellogg Company has a 1-year low of $65.32 and a 1-year high of $84.28. The firm has a market capitalization of $24.25 billion, a PE ratio of 31.32 and a beta of 0.50.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The firm had revenue of $3.19 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period last year, the firm posted $0.91 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities analysts forecast that Kellogg Company will post $3.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.12%. The ex-dividend date is Wednesday, August 30th. Kellogg’s dividend payout ratio (DPR) is 94.12%.
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A number of analysts have recently commented on K shares. Sanford C. Bernstein set a $62.00 target price on shares of Kellogg and gave the stock a “sell” rating in a research note on Tuesday, June 27th. Credit Suisse Group cut their target price on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $80.00 target price (down previously from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Royal Bank Of Canada boosted their price target on shares of Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Zacks Investment Research lowered shares of Kellogg from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Kellogg presently has a consensus rating of “Hold” and a consensus price target of $74.67.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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