Cadence Capital Management LLC decreased its position in Kellogg (NYSE:K) by 7.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,215 shares of the company’s stock after selling 1,898 shares during the quarter. Cadence Capital Management LLC’s holdings in Kellogg were worth $1,626,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Usca Ria LLC grew its holdings in Kellogg by 118.1% during the third quarter. Usca Ria LLC now owns 71,411 shares of the company’s stock worth $5,000,000 after purchasing an additional 38,664 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Kellogg during the third quarter worth about $2,279,000. Creative Financial Designs Inc. ADV grew its holdings in Kellogg by 5.7% during the third quarter. Creative Financial Designs Inc. ADV now owns 49,133 shares of the company’s stock worth $3,440,000 after purchasing an additional 2,667 shares during the period. Private Advisor Group LLC grew its holdings in Kellogg by 55.7% during the third quarter. Private Advisor Group LLC now owns 21,833 shares of the company’s stock worth $1,529,000 after purchasing an additional 7,811 shares during the period. Finally, Signition LP bought a new position in Kellogg during the third quarter worth about $609,000. 88.95% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:K opened at $65.01 on Friday. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.98. The company has a market cap of $22.34 billion, a PE ratio of 16.09, a PEG ratio of 2.12 and a beta of 0.50. The company has a debt-to-equity ratio of 2.41, a current ratio of 0.84 and a quick ratio of 0.52.
Kellogg (NYSE:K) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The company’s revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts predict that Kellogg will post 4.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio is presently 55.45%.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total transaction of $14,292,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.40% of the company’s stock.
K has been the subject of a number of research analyst reports. Citigroup reduced their price target on Kellogg from $87.00 to $79.00 and set a “buy” rating for the company in a report on Thursday, November 1st. Buckingham Research reduced their price target on Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a report on Thursday, November 1st. ValuEngine upgraded Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Piper Jaffray Companies set a $79.00 price target on Kellogg and gave the stock a “buy” rating in a report on Tuesday, October 16th. Finally, Argus reduced their price target on Kellogg from $85.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $71.59.
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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