The Manufacturers Life Insurance Company Reduces Position in Kellogg Company (NYSE:K)

The Manufacturers Life Insurance Company lessened its position in Kellogg Company (NYSE:K) by 9.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 263,212 shares of the company’s stock after selling 28,047 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Kellogg worth $18,282,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. OppenheimerFunds Inc. lifted its stake in shares of Kellogg by 3.3% in the first quarter. OppenheimerFunds Inc. now owns 22,136 shares of the company’s stock valued at $1,607,000 after purchasing an additional 706 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Kellogg in the first quarter valued at about $1,561,000. FMR LLC lifted its stake in shares of Kellogg by 61.0% in the first quarter. FMR LLC now owns 1,104,803 shares of the company’s stock valued at $80,220,000 after purchasing an additional 418,646 shares during the period. Legal & General Group Plc lifted its stake in shares of Kellogg by 6.1% in the first quarter. Legal & General Group Plc now owns 1,293,180 shares of the company’s stock valued at $93,903,000 after purchasing an additional 74,062 shares during the period. Finally, Ngam Advisors L.P. acquired a new stake in shares of Kellogg in the first quarter valued at about $744,000. Institutional investors own 85.45% of the company’s stock.

Shares of Kellogg Company (NYSE K) traded down 0.89% during midday trading on Friday, hitting $60.01. 202,621 shares of the stock were exchanged. The stock’s 50-day moving average price is $63.87 and its 200 day moving average price is $68.34. The stock has a market cap of $20.71 billion, a P/E ratio of 27.17 and a beta of 0.48. Kellogg Company has a one year low of $60.01 and a one year high of $78.37.

Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, analysts anticipate that Kellogg Company will post $3.97 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Thursday, November 30th. Kellogg’s dividend payout ratio (DPR) is 97.74%.

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Several analysts recently commented on K shares. Zacks Investment Research cut shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Piper Jaffray Companies set a $78.00 price objective on shares of Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 price objective on shares of Kellogg in a research note on Wednesday, September 6th. Bank of America Corporation restated an “underperform” rating and set a $66.00 target price (down previously from $72.00) on shares of Kellogg in a research report on Monday, October 9th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $72.27.

Kellogg Profile

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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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