First Republic Investment Management Inc. reduced its stake in shares of Kellogg Company (NYSE:K) by 3.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,735 shares of the company’s stock after selling 1,620 shares during the quarter. First Republic Investment Management Inc.’s holdings in Kellogg were worth $2,853,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in K. NGAM Advisors L.P. lifted its holdings in Kellogg by 8.6% in the second quarter. NGAM Advisors L.P. now owns 11,131 shares of the company’s stock valued at $773,000 after buying an additional 886 shares during the period. Wetherby Asset Management Inc. lifted its holdings in Kellogg by 1.4% in the second quarter. Wetherby Asset Management Inc. now owns 3,411 shares of the company’s stock valued at $237,000 after buying an additional 48 shares during the period. First Trust Advisors LP lifted its holdings in Kellogg by 12.4% in the second quarter. First Trust Advisors LP now owns 277,345 shares of the company’s stock valued at $19,264,000 after buying an additional 30,531 shares during the period. Rhumbline Advisers lifted its holdings in Kellogg by 0.8% in the second quarter. Rhumbline Advisers now owns 513,318 shares of the company’s stock valued at $35,655,000 after buying an additional 4,060 shares during the period. Finally, Sigma Planning Corp lifted its holdings in Kellogg by 7.1% in the second quarter. Sigma Planning Corp now owns 5,374 shares of the company’s stock valued at $373,000 after buying an additional 356 shares during the period. 89.65% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on the stock. UBS cut their price objective on shares of Kellogg from $72.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday, November 1st. DZ Bank lowered shares of Kellogg from a “buy” rating to a “hold” rating in a report on Friday. Argus upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Wednesday, November 22nd. Buckingham Research cut their price objective on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Finally, Susquehanna Bancshares set a $71.00 target price on shares of Kellogg and gave the stock a “hold” rating in a report on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. Kellogg currently has an average rating of “Hold” and an average target price of $71.15.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $65.00, for a total transaction of $207,675.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 349,754 shares of company stock worth $22,304,119. 1.30% of the stock is currently owned by company insiders.
Kellogg Company (K) traded up $0.02 on Tuesday, reaching $66.55. 1,767,400 shares of the company’s stock traded hands, compared to its average volume of 2,544,154. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71. The firm has a market capitalization of $22,970.00, a price-to-earnings ratio of 16.63, a PEG ratio of 2.69 and a beta of 0.52. Kellogg Company has a 12 month low of $58.76 and a 12 month high of $76.69.
Kellogg (NYSE:K) last posted its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.11. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the business posted $0.96 earnings per share. research analysts forecast that Kellogg Company will post 4.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.54 per share. The ex-dividend date is Thursday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.25%. Kellogg’s payout ratio is 96.43%.
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Kellogg Company 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.
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