TD Asset Management Inc. trimmed its holdings in shares of Kellogg (NYSE:K) by 5.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,086,016 shares of the company’s stock after selling 61,438 shares during the period. TD Asset Management Inc.’s holdings in Kellogg were worth $76,043,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. LFA Lugano Financial Advisors SA purchased a new stake in Kellogg during the 2nd quarter valued at about $103,000. Integrated Investment Consultants LLC purchased a new stake in Kellogg during the 2nd quarter valued at about $110,000. Financial Architects Inc purchased a new stake in Kellogg during the 3rd quarter valued at about $111,000. CSat Investment Advisory L.P. purchased a new stake in Kellogg during the 2nd quarter valued at about $127,000. Finally, Fort L.P. purchased a new stake in Kellogg during the 2nd quarter valued at about $127,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.
Several analysts have weighed in on K shares. Buckingham Research boosted their price target on Kellogg from $76.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, July 20th. Wells Fargo & Co reiterated a “hold” rating on shares of Kellogg in a research note on Monday, July 23rd. Credit Suisse Group boosted their price target on Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, August 9th. Morgan Stanley started coverage on Kellogg in a research note on Monday, September 17th. They set an “equal weight” rating and a $75.00 price target on the stock. Finally, Piper Jaffray Companies set a $79.00 price target on Kellogg and gave the company a “buy” rating in a research note on Tuesday, October 16th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $71.59.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $74.61, for a total value of $16,041,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 570,000 shares of company stock valued at $41,013,750. Insiders own 1.40% of the company’s stock.
Shares of K stock opened at $63.15 on Tuesday. The stock has a market capitalization of $21.84 billion, a PE ratio of 15.63, a P/E/G ratio of 2.08 and a beta of 0.50. The company has a quick ratio of 0.52, a current ratio of 0.84 and a debt-to-equity ratio of 2.41. Kellogg has a 52-week low of $56.40 and a 52-week high of $74.98.
Kellogg (NYSE:K) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01). The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $1.03 EPS. As a group, equities research analysts expect that Kellogg will post 4.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a $0.56 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 annualized dividend and a dividend yield of 3.55%. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.
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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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