Teacher Retirement System of Texas trimmed its stake in shares of Kellogg (NYSE:K) by 9.3% during the first quarter, HoldingsChannel.com reports. The firm owned 113,409 shares of the company’s stock after selling 11,563 shares during the quarter. Teacher Retirement System of Texas’ holdings in Kellogg were worth $7,373,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in K. American International Group Inc. increased its stake in Kellogg by 6,576.3% in the 4th quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock worth $508,167,000 after acquiring an additional 7,363,283 shares during the last quarter. BlackRock Inc. increased its stake in Kellogg by 16.1% in the 4th quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock worth $1,678,353,000 after acquiring an additional 3,421,334 shares during the last quarter. LSV Asset Management bought a new position in Kellogg in the 4th quarter worth about $79,597,000. American Century Companies Inc. increased its stake in Kellogg by 30.5% in the 1st quarter. American Century Companies Inc. now owns 4,221,683 shares of the company’s stock worth $274,452,000 after acquiring an additional 985,494 shares during the last quarter. Finally, Flossbach Von Storch AG bought a new position in Kellogg in the 4th quarter worth about $59,499,000. Institutional investors own 88.87% of the company’s stock.
A number of equities analysts have weighed in on the company. Stifel Nicolaus decreased their target price on Kellogg from $66.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, May 4th. Deutsche Bank decreased their target price on Kellogg from $68.00 to $64.00 and set a “hold” rating on the stock in a research note on Friday, May 4th. Susquehanna Bancshares set a $65.00 target price on Kellogg and gave the stock a “hold” rating in a research note on Wednesday, May 9th. Morgan Stanley decreased their target price on Kellogg from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Friday, May 4th. Finally, Credit Suisse Group set a $63.00 target price on Kellogg and gave the stock a “hold” rating in a research note on Saturday, May 5th. Five investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. Kellogg presently has an average rating of “Hold” and an average price target of $70.53.
In related news, insider Paul T. Norman sold 167,497 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $68.86, for a total transaction of $11,533,843.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gary H. Pilnick sold 4,400 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $67.55, for a total value of $297,220.00. The disclosure for this sale can be found here. Insiders sold a total of 818,763 shares of company stock valued at $54,086,127 over the last quarter. Company insiders own 1.40% of the company’s stock.
Kellogg opened at $62.23 on Thursday, according to MarketBeat. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.28. The company has a debt-to-equity ratio of 3.09, a current ratio of 0.74 and a quick ratio of 0.47. The stock has a market capitalization of $21.34 billion, a PE ratio of 15.40, a PEG ratio of 1.88 and a beta of 0.47.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, May 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. Kellogg had a return on equity of 67.81% and a net margin of 11.10%. The firm had revenue of $3.40 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same period in the prior year, the business earned $1.06 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. equities research analysts expect that Kellogg will post 4.46 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Thursday, May 31st. Kellogg’s payout ratio is currently 53.47%.
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. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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