Kellogg Company (K) Stake Lowered by Trust Co. of Toledo NA OH
Trust Co. of Toledo NA OH cut its stake in shares of Kellogg Company (NYSE:K) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,204 shares of the company’s stock after selling 628 shares during the period. Trust Co. of Toledo NA OH’s holdings in Kellogg were worth $361,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Creative Planning raised its stake in Kellogg by 3.0% in the second quarter. Creative Planning now owns 17,466 shares of the company’s stock valued at $1,213,000 after buying an additional 511 shares during the last quarter. Beutel Goodman & Co Ltd. raised its stake in Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after buying an additional 616,120 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in Kellogg by 3,457.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 334,588 shares of the company’s stock valued at $23,240,000 after buying an additional 325,184 shares during the last quarter. Pennsylvania Trust Co raised its stake in Kellogg by 30.5% in the second quarter. Pennsylvania Trust Co now owns 12,267 shares of the company’s stock valued at $852,000 after buying an additional 2,866 shares during the last quarter. Finally, City Holding Co. raised its stake in Kellogg by 20.8% in the second quarter. City Holding Co. now owns 37,474 shares of the company’s stock valued at $2,602,000 after buying an additional 6,440 shares during the last quarter. 83.59% of the stock is currently owned by hedge funds and other institutional investors.
Kellogg Company (K) opened at 69.62 on Monday. Kellogg Company has a 12 month low of $65.32 and a 12 month high of $84.28. The company’s 50-day moving average is $68.54 and its 200 day moving average is $71.70. The firm has a market cap of $24.39 billion, a P/E ratio of 31.50 and a beta of 0.50.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that Kellogg Company will post $3.93 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date is Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
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K has been the topic of several analyst reports. TheStreet raised shares of Kellogg from a “c+” rating to a “b+” rating in a report on Thursday, May 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Susquehanna Bancshares Inc set a $78.00 target price on shares of Kellogg and gave the stock a “hold” rating in a report on Wednesday, June 14th. Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Monday, June 12th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $85.00 target price on shares of Kellogg in a report on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Kellogg has an average rating of “Hold” and a consensus target price of $74.67.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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