Metropolitan Life Insurance Co. NY reduced its position in shares of Kellogg (NYSE:K) by 9.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 43,937 shares of the company’s stock after selling 4,795 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Kellogg were worth $3,070,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Kellogg by 1.9% during the first quarter. BlackRock Inc. now owns 25,146,776 shares of the company’s stock worth $1,634,794,000 after buying an additional 457,888 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Kellogg by 25.3% during the second quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after buying an additional 1,076,748 shares during the period. Beutel Goodman & Co Ltd. boosted its position in shares of Kellogg by 14.2% during the second quarter. Beutel Goodman & Co Ltd. now owns 3,492,041 shares of the company’s stock worth $185,626,000 after buying an additional 434,170 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Kellogg by 3.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock worth $111,661,000 after buying an additional 53,340 shares during the period. Finally, Swiss National Bank boosted its position in shares of Kellogg by 2.1% during the second quarter. Swiss National Bank now owns 1,469,389 shares of the company’s stock worth $102,666,000 after buying an additional 29,900 shares during the period. Institutional investors and hedge funds own 88.94% of the company’s stock.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the firm’s stock in a transaction on Friday, July 13th. The stock was sold at an average price of $71.06, for a total value of $10,659,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $72.25, for a total value of $4,815,823.75. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 741,655 shares of company stock worth $53,371,974. 1.40% of the stock is owned by insiders.
Shares of NYSE K opened at $74.84 on Monday. The firm has a market capitalization of $25.81 billion, a PE ratio of 18.52, a P/E/G ratio of 2.17 and a beta of 0.46. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.50 and a current ratio of 0.82. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.90.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.09. Kellogg had a return on equity of 59.68% and a net margin of 13.33%. The company had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same period last year, the firm earned $0.97 earnings per share. Kellogg’s quarterly revenue was up 5.8% on a year-over-year basis. analysts anticipate that Kellogg will post 4.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be paid a $0.56 dividend. The ex-dividend date is Friday, August 31st. This is a boost from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a yield of 2.99%. Kellogg’s dividend payout ratio (DPR) is currently 55.45%.
Several brokerages have recently issued reports on K. Wells Fargo & Co reiterated a “hold” rating and issued a $67.00 price objective (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Credit Suisse Group set a $68.00 price objective on Kellogg and gave the company a “hold” rating in a research note on Tuesday, June 12th. Finally, Buckingham Research increased their price objective on Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Two 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. The company has an average rating of “Hold” and an average target price of $72.06.
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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