Kellogg Company (K) Shares Sold by State of Wisconsin Investment Board
State of Wisconsin Investment Board reduced its stake in Kellogg Company (NYSE:K) by 22.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 219,824 shares of the company’s stock after selling 62,020 shares during the period. State of Wisconsin Investment Board owned 0.06% of Kellogg worth $15,269,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Washington Trust Bank raised its stake in shares of Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the last quarter. Exane Derivatives raised its stake in shares of Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the last quarter. Pathstone Family Office LLC purchased a new stake in shares of Kellogg during the first quarter worth approximately $143,000. Security National Trust Co. raised its stake in shares of Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the last quarter. 83.05% of the stock is owned by hedge funds and other institutional investors.
Kellogg Company (NYSE:K) opened at 69.95 on Monday. Kellogg Company has a 1-year low of $65.32 and a 1-year high of $83.65. The company has a 50-day moving average price of $67.92 and a 200 day moving average price of $71.45. The stock has a market cap of $24.14 billion, a P/E ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. Kellogg’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. Equities analysts expect that Kellogg Company will post $3.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.09%. Kellogg’s payout ratio is 94.12%.
A number of equities analysts have issued reports on K shares. TheStreet upgraded Kellogg from a “c+” rating to a “b+” rating in a research note on Thursday, May 4th. Piper Jaffray Companies set a $78.00 price target on Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. Morgan Stanley reiterated an “equal weight” rating and set a $69.00 price target (down previously from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. Susquehanna Bancshares Inc set a $78.00 price target on Kellogg and gave the company a “hold” rating in a research note on Wednesday, June 14th. Finally, Zacks Investment Research upgraded Kellogg from a “sell” rating to a “hold” rating in a research note on Monday, June 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $74.50.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Kellogg Company Profile
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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