State of Alaska Department of Revenue decreased its stake in shares of Kellogg (NYSE:K – Get Rating) by 15.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 68,754 shares of the company’s stock after selling 12,720 shares during the period. State of Alaska Department of Revenue’s holdings in Kellogg were worth $4,904,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in K. Adage Capital Partners GP L.L.C. lifted its position in Kellogg by 2.3% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company’s stock valued at $17,563,000 after purchasing an additional 6,100 shares during the period. Great Lakes Advisors LLC acquired a new position in Kellogg during the 1st quarter valued at about $1,949,000. IFM Investors Pty Ltd lifted its position in Kellogg by 13.6% during the 1st quarter. IFM Investors Pty Ltd now owns 39,585 shares of the company’s stock valued at $2,553,000 after purchasing an additional 4,751 shares during the period. Seven Eight Capital LP acquired a new position in Kellogg during the 4th quarter valued at about $420,000. Finally, Wetherby Asset Management Inc. lifted its position in Kellogg by 8.0% during the 4th quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company’s stock valued at $283,000 after purchasing an additional 326 shares during the period. Institutional investors and hedge funds own 84.51% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on K. UBS Group downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and cut their price target for the company from $81.00 to $74.00 in a research report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Wednesday, June 22nd. Credit Suisse Group increased their price target on shares of Kellogg to $72.00 in a research report on Tuesday, August 9th. Citigroup increased their price target on shares of Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a research report on Wednesday, June 22nd. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $67.00 price target (up from $64.00) on shares of Kellogg in a research report on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.20.
Kellogg Price Performance
Kellogg (NYSE:K – Get Rating) last posted its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.13. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the prior year, the business earned $1.14 EPS. Kellogg’s revenue for the quarter was up 8.7% compared to the same quarter last year. Analysts anticipate that Kellogg will post 4.12 earnings per share for the current fiscal year.
Kellogg Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a dividend of $0.59 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Wednesday, August 31st. Kellogg’s dividend payout ratio (DPR) is currently 54.50%.
Insider Transactions at Kellogg
In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $72.68, for a total transaction of $10,622,400.04. Following the completion of the transaction, the insider now directly owns 57,170,297 shares of the company’s stock, valued at approximately $4,155,137,185.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Amit Banati sold 6,960 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $74.00, for a total value of $515,040.00. Following the completion of the sale, the chief financial officer now owns 52,772 shares of the company’s stock, valued at approximately $3,905,128. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $72.68, for a total value of $10,622,400.04. Following the completion of the sale, the insider now directly owns 57,170,297 shares of the company’s stock, valued at approximately $4,155,137,185.96. The disclosure for this sale can be found here. Insiders sold 896,199 shares of company stock valued at $66,145,333 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.
Kellogg Company Profile
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.
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