Impax Asset Management LLC boosted its stake in Kellogg (NYSE:K) by 10.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,637 shares of the company’s stock after purchasing an additional 6,670 shares during the quarter. Impax Asset Management LLC’s holdings in Kellogg were worth $5,005,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Swedbank acquired a new position in Kellogg in the second quarter valued at about $100,628,000. Bank of New York Mellon Corp grew its stake in Kellogg by 25.3% in the second quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock valued at $372,017,000 after acquiring an additional 1,076,748 shares during the period. Artisan Partners Limited Partnership acquired a new position in Kellogg in the second quarter valued at about $65,600,000. Schwab Charles Investment Management Inc. grew its stake in Kellogg by 73.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,544,779 shares of the company’s stock valued at $100,427,000 after acquiring an additional 654,518 shares during the period. Finally, Great West Life Assurance Co. Can grew its stake in Kellogg by 211.5% in the second quarter. Great West Life Assurance Co. Can now owns 943,292 shares of the company’s stock valued at $66,005,000 after acquiring an additional 640,495 shares during the period. Institutional investors and hedge funds own 88.94% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 160,000 shares of the stock in a transaction that occurred on Wednesday, June 27th. The stock was sold at an average price of $69.85, for a total transaction of $11,176,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $72.25, for a total value of $4,815,823.75. The disclosure for this sale can be found here. Insiders have sold 526,655 shares of company stock valued at $37,330,824 over the last three months. Insiders own 1.40% of the company’s stock.
K stock opened at $74.02 on Tuesday. The company has a quick ratio of 0.50, a current ratio of 0.82 and a debt-to-equity ratio of 2.57. The stock has a market cap of $25.68 billion, a PE ratio of 17.07, a PEG ratio of 2.16 and a beta of 0.46. Kellogg has a fifty-two week low of $56.40 and a fifty-two week high of $74.58.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. Kellogg had a return on equity of 59.68% and a net margin of 13.33%. The firm had revenue of $3.36 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the prior year, the firm posted $0.97 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. equities research analysts anticipate that Kellogg will post 4.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be given a dividend of $0.56 per share. The ex-dividend date is Friday, August 31st. This is a boost from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 annualized dividend and a yield of 3.03%. Kellogg’s dividend payout ratio is 55.45%.
K has been the subject of a number of research analyst reports. Wells Fargo & Co reissued a “hold” rating and issued a $67.00 target price (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. ValuEngine raised Kellogg from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Credit Suisse Group set a $68.00 price objective on Kellogg and gave the stock a “hold” rating in a research report on Tuesday, June 12th. Finally, Buckingham Research upped their price objective on Kellogg from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Kellogg has an average rating of “Hold” and a consensus price target of $72.06.
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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