Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Kellogg (NYSE:K) by 77.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,300 shares of the company’s stock after purchasing an additional 8,850 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Kellogg were worth $1,421,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. LFA Lugano Financial Advisors SA purchased a new position in shares of Kellogg in the second quarter worth $103,000. Integrated Investment Consultants LLC purchased a new position in shares of Kellogg in the second quarter worth $110,000. Financial Architects Inc purchased a new position in shares of Kellogg in the third quarter worth $111,000. CSat Investment Advisory L.P. purchased a new position in shares of Kellogg in the second quarter worth $127,000. Finally, Fort L.P. purchased a new position in shares of Kellogg in the second quarter worth $127,000. 86.76% of the stock is currently owned by institutional investors and hedge funds.
Kellogg stock opened at $60.84 on Friday. The firm has a market cap of $21.43 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 2.32 and a beta of 0.51. The company has a current ratio of 0.84, a quick ratio of 0.52 and a debt-to-equity ratio of 2.41. Kellogg has a 52-week low of $56.40 and a 52-week high of $74.98.
Kellogg (NYSE:K) last released its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the previous year, the company earned $1.03 EPS. Kellogg’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research 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. Shareholders of record on Monday, December 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is 55.45%.
In other news, Chairman Steven A. Cahillane acquired 17,825 shares of the business’s stock in a transaction on Monday, November 19th. The shares were acquired at an average price of $61.63 per share, for a total transaction of $1,098,554.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total transaction of $14,292,600.00. The disclosure for this sale can be found here. Insiders have sold 600,000 shares of company stock worth $41,536,950 in the last quarter. Company insiders own 1.40% of the company’s stock.
Several research firms have recently commented on K. Credit Suisse Group lowered their target price on shares of Kellogg from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. ValuEngine downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Citigroup lowered their target price on shares of Kellogg from $87.00 to $79.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Morgan Stanley started coverage on shares of Kellogg in a research note on Monday, September 17th. They set an “equal weight” rating and a $75.00 price target on the stock. Finally, Wells Fargo & Co set a $64.00 price target on shares of Kellogg and gave the company a “hold” rating in a research note on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $70.22.
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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