Texas Permanent School Fund lowered its stake in shares of Kellogg (NYSE:K) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,839 shares of the company’s stock after selling 2,114 shares during the period. Texas Permanent School Fund’s holdings in Kellogg were worth $2,802,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Teachers Advisors LLC lifted its holdings in shares of Kellogg by 10.6% in the third quarter. Teachers Advisors LLC now owns 531,601 shares of the company’s stock valued at $37,223,000 after purchasing an additional 50,889 shares in the last quarter. TIAA CREF Investment Management LLC boosted its stake in Kellogg by 10.6% during the third quarter. TIAA CREF Investment Management LLC now owns 713,500 shares of the company’s stock worth $49,959,000 after buying an additional 68,624 shares in the last quarter. Legal & General Group Plc boosted its stake in Kellogg by 7.0% during the third quarter. Legal & General Group Plc now owns 1,474,417 shares of the company’s stock worth $103,255,000 after buying an additional 96,463 shares in the last quarter. Morgan Stanley boosted its stake in Kellogg by 70.2% during the third quarter. Morgan Stanley now owns 1,730,012 shares of the company’s stock worth $121,137,000 after buying an additional 713,311 shares in the last quarter. Finally, Vanguard Group Inc boosted its stake in Kellogg by 3.4% during the third quarter. Vanguard Group Inc now owns 21,245,966 shares of the company’s stock worth $1,487,643,000 after buying an additional 696,685 shares in the last quarter. Hedge funds and other institutional investors own 87.86% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $57.84, for a total transaction of $5,784,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 600,000 shares of company stock worth $33,977,000. Corporate insiders own 0.09% of the company’s stock.
NYSE:K traded up $0.46 during trading hours on Thursday, hitting $57.63. The company’s stock had a trading volume of 396,217 shares, compared to its average volume of 2,664,332. The firm has a market capitalization of $19.48 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 3.31 and a beta of 0.56. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 2.75. Kellogg has a twelve month low of $53.14 and a twelve month high of $74.98.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.53 billion. Kellogg had a return on equity of 43.13% and a net margin of 8.59%. Kellogg’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $1.19 earnings per share. On average, analysts anticipate that Kellogg will post 3.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be paid a $0.56 dividend. The ex-dividend date is Friday, May 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.89%. Kellogg’s payout ratio is presently 51.73%.
Several equities research analysts have recently commented on K shares. ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research note on Monday, April 29th. Zacks Investment Research cut Kellogg from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd. Guggenheim initiated coverage on Kellogg in a research note on Tuesday, January 22nd. They set a “neutral” rating and a $58.70 price objective on the stock. Piper Jaffray Companies dropped their price objective on Kellogg from $69.00 to $64.00 and set an “overweight” rating on the stock in a research note on Friday, April 5th. Finally, Morgan Stanley set a $56.00 price objective on Kellogg and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Kellogg currently has an average rating of “Hold” and an average target price of $62.98.
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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