Victory Capital Management Inc. Decreases Position in Kellogg Co. (K)
Victory Capital Management Inc. reduced its stake in shares of Kellogg Co. (NYSE:K) by 33.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 739,994 shares of the company’s stock after selling 379,923 shares during the period. Victory Capital Management Inc. owned about 0.21% of Kellogg worth $57,327,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Mark Sheptoff Financial Planning LLC increased its position in shares of Kellogg by 1,320.0% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 1,420 shares of the company’s stock worth $116,000 after buying an additional 1,320 shares in the last quarter. NN Investment Partners Holdings N.V. increased its position in shares of Kellogg by 13.3% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,704 shares of the company’s stock worth $139,000 after buying an additional 200 shares in the last quarter. Washington Trust Bank increased its position in shares of Kellogg by 1.9% in the third quarter. Washington Trust Bank now owns 1,799 shares of the company’s stock worth $139,000 after buying an additional 34 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Kellogg by 300.6% in the second quarter. Global X Management Co. LLC now owns 1,851 shares of the company’s stock worth $151,000 after buying an additional 1,389 shares in the last quarter. Finally, Physicians Financial Services Inc. boosted its stake in Kellogg by 171.7% in the third quarter. Physicians Financial Services Inc. now owns 2,532 shares of the company’s stock valued at $196,000 after buying an additional 1,600 shares during the last quarter. 80.69% of the stock is owned by institutional investors.
Shares of Kellogg Co. (NYSE:K) opened at 73.39 on Tuesday. Kellogg Co. has a 1-year low of $68.20 and a 1-year high of $87.16. The firm has a market cap of $25.75 billion, a price-to-earnings ratio of 36.94 and a beta of 0.55. The company’s 50 day moving average price is $74.44 and its 200-day moving average price is $78.21.
Kellogg (NYSE:K) last announced its earnings results on Tuesday, November 1st. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.09. The firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $878.20 million. Kellogg had a return on equity of 61.36% and a net margin of 5.41%. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.85 EPS. Equities analysts expect that Kellogg Co. will post $3.68 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend is Tuesday, November 29th. Kellogg’s payout ratio is currently 105.05%.
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A number of equities research analysts have weighed in on K shares. Credit Suisse Group AG reiterated an “outperform” rating and issued a $94.00 price objective on shares of Kellogg in a research note on Tuesday, August 30th. Morgan Stanley reiterated a “hold” rating and issued a $79.00 price objective on shares of Kellogg in a research note on Thursday, September 1st. Susquehanna reiterated a “hold” rating on shares of Kellogg in a research note on Wednesday, September 7th. BMO Capital Markets reiterated a “market perform” rating and issued a $85.00 price objective on shares of Kellogg in a research note on Monday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on Kellogg from $73.00 to $87.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. Kellogg has an average rating of “Hold” and an average price target of $82.33.
In other news, CFO Ronald L. Dissinger sold 5,843 shares of the business’s stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $74.88, for a total value of $437,523.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul T. Norman sold 5,420 shares of the business’s stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $74.89, for a total value of $405,903.80. The disclosure for this sale can be found here. Company insiders own 8.80% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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