Banco de Sabadell S.A increased its position in shares of Kellogg (NYSE:K) by 304.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,384 shares of the company’s stock after buying an additional 11,584 shares during the quarter. Banco de Sabadell S.A’s holdings in Kellogg were worth $1,073,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Integrated Investment Consultants LLC purchased a new stake in Kellogg in the second quarter valued at approximately $110,000. CSat Investment Advisory L.P. purchased a new stake in Kellogg in the second quarter valued at approximately $127,000. Fort L.P. purchased a new stake in Kellogg in the second quarter valued at approximately $127,000. Whittier Trust Co. of Nevada Inc. raised its position in Kellogg by 76.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,000 shares of the company’s stock valued at $197,000 after purchasing an additional 1,300 shares during the period. Finally, Piedmont Investment Advisors LLC purchased a new stake in Kellogg in the second quarter valued at approximately $201,000. 88.94% of the stock is currently owned by hedge funds and other institutional investors.
Kellogg stock opened at $74.80 on Friday. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.84. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.50 and a current ratio of 0.82. The firm has a market cap of $25.47 billion, a PE ratio of 18.51, a P/E/G ratio of 2.14 and a beta of 0.46.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 2nd. The company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Kellogg had a return on equity of 59.68% and a net margin of 13.33%. The business had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. analysts predict that Kellogg will post 4.51 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be paid a dividend of $0.56 per share. The ex-dividend date is Friday, August 31st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.99%. This is an increase from Kellogg’s previous quarterly dividend of $0.54. Kellogg’s payout ratio is presently 55.45%.
A number of analysts have issued reports on K shares. Wells Fargo & Co reissued a “hold” rating and issued a $67.00 target price (up previously from $62.00) on shares of Kellogg in a research report 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 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 stock. Kellogg currently has a consensus rating of “Hold” and an average price target of $72.06.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 160,000 shares of the business’s stock in a transaction on Wednesday, June 27th. The shares were sold at an average price of $69.85, for a total transaction of $11,176,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 741,655 shares of company stock valued at $53,371,974. Insiders own 1.40% of the company’s stock.
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. 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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