DAVENPORT & Co LLC lessened its stake in Kellogg (NYSE:K) by 9.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,122 shares of the company’s stock after selling 2,203 shares during the period. DAVENPORT & Co LLC’s holdings in Kellogg were worth $1,461,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its position in Kellogg by 8.7% during the 4th quarter. Guggenheim Capital LLC now owns 313,796 shares of the company’s stock valued at $21,702,000 after purchasing an additional 25,222 shares during the last quarter. Profund Advisors LLC raised its position in Kellogg by 3.7% during the 4th quarter. Profund Advisors LLC now owns 4,812 shares of the company’s stock valued at $333,000 after purchasing an additional 171 shares during the last quarter. Macquarie Group Ltd. raised its position in Kellogg by 187.3% during the 4th quarter. Macquarie Group Ltd. now owns 15,677 shares of the company’s stock valued at $1,084,000 after purchasing an additional 10,220 shares during the last quarter. Norges Bank bought a new position in Kellogg during the 4th quarter valued at approximately $163,313,000. Finally, Nuveen Asset Management LLC raised its position in Kellogg by 9.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,622,335 shares of the company’s stock valued at $112,200,000 after purchasing an additional 138,251 shares during the last quarter. 84.43% of the stock is owned by institutional investors.
Kellogg stock opened at $68.97 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.77 and a debt-to-equity ratio of 2.19. The company has a market capitalization of $24.19 billion, a P/E ratio of 21.76, a PEG ratio of 4.65 and a beta of 0.57. The stock’s 50 day moving average is $66.92 and its 200 day moving average is $65.16. Kellogg has a twelve month low of $52.66 and a twelve month high of $72.88.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.30. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.31 billion. Kellogg had a return on equity of 43.36% and a net margin of 8.09%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. As a group, equities analysts expect that Kellogg will post 3.96 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.57 dividend. The ex-dividend date is Monday, August 31st. This represents a $2.28 annualized dividend and a dividend yield of 3.31%. Kellogg’s payout ratio is currently 57.87%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $66.52, for a total transaction of $6,652,000.00. Over the last quarter, insiders have sold 400,000 shares of company stock worth $26,766,000. Company insiders own 1.10% of the company’s stock.
A number of research analysts have commented on K shares. JPMorgan Chase & Co. upped their price target on Kellogg from $63.00 to $66.00 and gave the company a “neutral” rating in a research report on Friday, April 17th. Sanford C. Bernstein downgraded Kellogg from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $64.00 to $55.00 in a report on Thursday, June 11th. Goldman Sachs Group downgraded Kellogg from a “buy” rating to a “neutral” rating and upped their target price for the stock from $71.00 to $73.00 in a report on Thursday. ValuEngine downgraded Kellogg from a “hold” rating to a “sell” rating in a report on Thursday, June 4th. Finally, Morgan Stanley upped their target price on Kellogg from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $70.24.
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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