Pictet Asset Management Ltd. trimmed its holdings in Kellogg (NYSE:K) by 1.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 196,982 shares of the company’s stock after selling 2,000 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Kellogg were worth $13,793,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brown Advisory Inc. boosted its holdings in Kellogg by 81.1% in the second quarter. Brown Advisory Inc. now owns 163,119 shares of the company’s stock valued at $11,398,000 after purchasing an additional 73,044 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Kellogg by 46.2% in the third quarter. PNC Financial Services Group Inc. now owns 389,170 shares of the company’s stock valued at $27,251,000 after purchasing an additional 123,011 shares during the period. Manning & Napier Group LLC boosted its holdings in Kellogg by 11.5% in the third quarter. Manning & Napier Group LLC now owns 67,873 shares of the company’s stock valued at $4,752,000 after purchasing an additional 7,005 shares during the period. Aperio Group LLC boosted its holdings in Kellogg by 5.2% in the third quarter. Aperio Group LLC now owns 153,080 shares of the company’s stock valued at $10,719,000 after purchasing an additional 7,618 shares during the period. Finally, Andra AP fonden purchased a new position in Kellogg in the second quarter valued at $8,049,000. Institutional investors and hedge funds own 86.76% of the company’s stock.
K opened at $61.74 on Thursday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84. Kellogg has a one year low of $56.40 and a one year high of $74.98. The stock has a market cap of $21.43 billion, a PE ratio of 15.28, a PEG ratio of 2.32 and a beta of 0.51.
Kellogg (NYSE:K) last posted its earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter last year, the firm posted $1.03 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, equities research analysts anticipate that Kellogg will post 4.31 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is currently 55.45%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $62.24, for a total transaction of $11,203,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Fareed A. Khan purchased 8,190 shares of the stock in a transaction that occurred on Tuesday, November 20th. The shares were bought at an average cost of $62.14 per share, for a total transaction of $508,926.60. The disclosure for this purchase can be found here. Insiders have sold 600,000 shares of company stock worth $41,536,950 in the last quarter. Insiders own 1.40% of the company’s stock.
A number of research analysts recently issued reports on K shares. Buckingham Research decreased their target price on Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a report on Thursday, November 1st. Deutsche Bank set a $66.00 price target on Kellogg and gave the company a “hold” rating in a research note on Wednesday, November 14th. Credit Suisse Group cut their price target on Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, November 14th. ValuEngine upgraded Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Finally, Citigroup cut their price target on Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, November 14th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Kellogg presently has an average rating of “Hold” and an average price target of $70.22.
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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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