Flippin Bruce & Porter Inc. grew its stake in shares of Kellogg (NYSE:K) by 33.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 199,825 shares of the company’s stock after purchasing an additional 50,577 shares during the quarter. Kellogg makes up approximately 2.3% of Flippin Bruce & Porter Inc.’s investment portfolio, making the stock its 11th largest position. Flippin Bruce & Porter Inc. owned approximately 0.06% of Kellogg worth $12,859,000 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. Alpha Windward LLC lifted its stake in Kellogg by 7.1% in the second quarter. Alpha Windward LLC now owns 2,799 shares of the company’s stock worth $164,000 after acquiring an additional 185 shares during the period. Moors & Cabot Inc. lifted its stake in Kellogg by 3.2% in the third quarter. Moors & Cabot Inc. now owns 6,501 shares of the company’s stock worth $418,000 after acquiring an additional 200 shares during the period. Capital Investment Advisory Services LLC lifted its stake in Kellogg by 16.6% in the third quarter. Capital Investment Advisory Services LLC now owns 1,418 shares of the company’s stock worth $91,000 after acquiring an additional 202 shares during the period. 6 Meridian lifted its stake in Kellogg by 2.7% in the second quarter. 6 Meridian now owns 8,305 shares of the company’s stock worth $445,000 after acquiring an additional 217 shares during the period. Finally, Independent Advisor Alliance lifted its stake in Kellogg by 2.3% in the second quarter. Independent Advisor Alliance now owns 9,785 shares of the company’s stock worth $524,000 after acquiring an additional 223 shares during the period. 88.57% of the stock is owned by hedge funds and other institutional investors.
In other news, Vice Chairman Gary H. Pilnick sold 20,655 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $63.73, for a total transaction of $1,316,343.15. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Alistair D. Hirst sold 2,500 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $63.88, for a total transaction of $159,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 625,291 shares of company stock worth $39,277,106. Corporate insiders own 0.09% of the company’s stock.
Shares of K stock traded up $0.26 during mid-day trading on Friday, hitting $63.99. 1,351,559 shares of the stock traded hands, compared to its average volume of 2,415,646. The stock has a market cap of $21.67 billion, a P/E ratio of 14.78, a P/E/G ratio of 3.62 and a beta of 0.52. The stock’s fifty day moving average is $62.84 and its two-hundred day moving average is $59.62. Kellogg has a 52-week low of $51.34 and a 52-week high of $65.66. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.80 and a quick ratio of 0.52.
Kellogg (NYSE:K) last released its quarterly earnings results on Tuesday, October 29th. The company reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.12. The business had revenue of $3.37 billion during the quarter, compared to analyst estimates of $3.35 billion. Kellogg had a net margin of 5.35% and a return on equity of 42.47%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 earnings per share. As a group, equities analysts forecast that Kellogg will post 3.9 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.57 per share. The ex-dividend date is Friday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 3.56%. Kellogg’s dividend payout ratio (DPR) is currently 52.66%.
A number of analysts recently weighed in on K shares. Morgan Stanley upped their price objective on shares of Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Credit Suisse Group set a $60.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Buckingham Research upped their price objective on shares of Kellogg from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a research note on Tuesday, October 1st. Finally, TheStreet raised shares of Kellogg from a “c+” rating to a “b-” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $63.75.
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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