Patton Albertson Miller Group LLC lessened its stake in Kellogg (NYSE:K) by 6.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,997 shares of the company’s stock after selling 275 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Kellogg were worth $264,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Phoenix Holdings Ltd. lifted its stake in Kellogg by 3.7% in the second quarter. Phoenix Holdings Ltd. now owns 33,019 shares of the company’s stock valued at $2,040,000 after buying an additional 1,177 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Kellogg by 14.3% during the second quarter. State Board of Administration of Florida Retirement System now owns 388,975 shares of the company’s stock worth $25,696,000 after buying an additional 48,758 shares in the last quarter. Rheos Capital Works Inc. bought a new position in Kellogg in the 2nd quarter valued at $3,851,000. Victory Capital Management Inc. grew its stake in Kellogg by 92.1% in the 2nd quarter. Victory Capital Management Inc. now owns 326,922 shares of the company’s stock valued at $21,596,000 after purchasing an additional 156,781 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in Kellogg by 0.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 93,095 shares of the company’s stock valued at $6,150,000 after purchasing an additional 484 shares during the period. Hedge funds and other institutional investors own 84.43% of the company’s stock.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $66.52, for a total value of $6,652,000.00. Also, CEO Steven A. Cahillane bought 2,727 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was bought at an average cost of $69.32 per share, with a total value of $189,035.64. Following the completion of the acquisition, the chief executive officer now owns 53,292 shares of the company’s stock, valued at approximately $3,694,201.44. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 507,500 shares of company stock worth $34,183,625. Corporate insiders own 1.10% of the company’s stock.
Shares of NYSE:K traded down $0.24 during mid-day trading on Thursday, reaching $68.61. The stock had a trading volume of 29,181 shares, compared to its average volume of 1,922,606. Kellogg has a 1 year low of $52.66 and a 1 year high of $72.88. The company has a current ratio of 0.77, a quick ratio of 0.56 and a debt-to-equity ratio of 2.19. The business’s 50 day moving average price is $68.31 and its 200 day moving average price is $65.09. The company has a market cap of $24.04 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 2.96 and a beta of 0.57.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.30. The company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a return on equity of 43.36% and a net margin of 8.09%. Kellogg’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Analysts predict that Kellogg will post 3.95 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Monday, August 31st. Kellogg’s dividend payout ratio is currently 57.87%.
Several research analysts have recently weighed in on the company. Consumer Edge upgraded Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price target for the company in a research note on Friday, May 1st. Royal Bank of Canada reissued a “hold” rating and set a $69.00 price objective on shares of Kellogg in a report on Tuesday, July 28th. Goldman Sachs Group cut Kellogg from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $71.00 to $73.00 in a report on Thursday, July 30th. Seaport Global Securities initiated coverage on Kellogg in a report on Tuesday, July 28th. They set a “buy” rating and a $76.00 price objective on the stock. Finally, ValuEngine cut Kellogg from a “hold” rating to a “sell” rating in a report on Thursday, June 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $71.13.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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