DnB Asset Management AS Sells 12,084 Shares of Kellogg (NYSE:K)

DnB Asset Management AS lowered its stake in Kellogg (NYSE:KGet Rating) by 9.5% in the second quarter, Holdings Channel reports. The fund owned 114,524 shares of the company’s stock after selling 12,084 shares during the quarter. DnB Asset Management AS’s holdings in Kellogg were worth $8,170,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of New Hampshire raised its holdings in Kellogg by 2,583.3% in the 2nd quarter. Bank of New Hampshire now owns 805 shares of the company’s stock valued at $57,000 after buying an additional 775 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its holdings in Kellogg by 92.6% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 699 shares of the company’s stock valued at $50,000 after buying an additional 336 shares during the last quarter. Fulton Bank N.A. bought a new position in Kellogg in the 2nd quarter valued at approximately $201,000. Capital Investment Advisors LLC raised its holdings in Kellogg by 11.5% in the 2nd quarter. Capital Investment Advisors LLC now owns 42,737 shares of the company’s stock valued at $3,049,000 after buying an additional 4,421 shares during the last quarter. Finally, First Financial Bank Trust Division raised its holdings in Kellogg by 4.4% in the 2nd quarter. First Financial Bank Trust Division now owns 117,740 shares of the company’s stock valued at $8,400,000 after buying an additional 4,953 shares during the last quarter. Institutional investors own 84.51% of the company’s stock.

Insider Buying and Selling at Kellogg

In other Kellogg news, CFO Amit Banati sold 34,007 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $75.06, for a total transaction of $2,552,565.42. Following the transaction, the chief financial officer now directly owns 59,732 shares in the company, valued at approximately $4,483,483.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction on Monday, July 11th. The stock was sold at an average price of $72.68, for a total transaction of $10,622,400.04. Following the sale, the insider now directly owns 57,170,297 shares in the company, valued at approximately $4,155,137,185.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amit Banati sold 34,007 shares of Kellogg stock in a transaction on Friday, August 26th. The stock was sold at an average price of $75.06, for a total value of $2,552,565.42. Following the sale, the chief financial officer now owns 59,732 shares in the company, valued at $4,483,483.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,042,352 shares of company stock worth $76,465,196. Corporate insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Credit Suisse Group raised their price objective on shares of Kellogg to $72.00 in a report on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Wednesday, June 22nd. JPMorgan Chase & Co. reissued an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research report on Wednesday, June 22nd. UBS Group downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and decreased their target price for the company from $81.00 to $74.00 in a research report on Thursday, July 7th. Finally, Morgan Stanley increased their target price on shares of Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $71.20.

Kellogg Stock Performance

Shares of K stock opened at $71.08 on Monday. The company has a market cap of $24.18 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 4.20 and a beta of 0.43. Kellogg has a 52 week low of $59.54 and a 52 week high of $76.99. The company has a quick ratio of 0.43, a current ratio of 0.70 and a debt-to-equity ratio of 1.28. The firm has a 50 day moving average of $73.48 and a 200-day moving average of $69.75.

Kellogg (NYSE:KGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the firm posted $1.14 EPS. Kellogg’s revenue was up 8.7% compared to the same quarter last year. On average, equities analysts forecast that Kellogg will post 4.12 earnings per share for the current year.

Kellogg Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a $0.59 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.36 annualized dividend and a yield of 3.32%. This is an increase from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is presently 54.50%.

About Kellogg

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

Further Reading

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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