Commerce Bank Sells 2,753 Shares of Kellogg Company (K)
Commerce Bank reduced its stake in Kellogg Company (NYSE:K) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,831 shares of the company’s stock after selling 2,753 shares during the period. Commerce Bank’s holdings in Kellogg were worth $2,767,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of K. Cim Investment Mangement Inc. bought a new stake in Kellogg during the second quarter valued at $563,000. Principal Financial Group Inc. increased its stake in Kellogg by 3.2% in the second quarter. Principal Financial Group Inc. now owns 395,165 shares of the company’s stock valued at $27,448,000 after buying an additional 12,140 shares during the last quarter. IndexIQ Advisors LLC increased its stake in Kellogg by 1.3% in the second quarter. IndexIQ Advisors LLC now owns 8,085 shares of the company’s stock valued at $561,000 after buying an additional 102 shares during the last quarter. Sage Capital Advisors llc bought a new stake in Kellogg during the second quarter valued at $837,000. Finally, Tobam increased its stake in Kellogg by 22.1% in the second quarter. Tobam now owns 62,239 shares of the company’s stock valued at $4,323,000 after buying an additional 11,264 shares during the last quarter. Institutional investors own 85.41% of the company’s stock.
Kellogg Company (K) opened at 65.45 on Friday. Kellogg Company has a 12-month low of $65.06 and a 12-month high of $83.37. The stock’s 50 day moving average price is $68.09 and its 200 day moving average price is $71.01. The company has a market capitalization of $22.59 billion, a PE ratio of 29.63 and a beta of 0.49.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.91 earnings per share. On average, equities analysts anticipate that Kellogg Company will post $3.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.30%. Kellogg’s payout ratio is 97.74%.
K has been the topic of several recent analyst reports. Deutsche Bank AG reiterated a “hold” rating and set a $74.00 target price (up from $71.00) on shares of Kellogg in a research note on Wednesday, August 9th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. Royal Bank Of Canada increased their target price on Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Monday, August 7th. BMO Capital Markets cut their target price on Kellogg from $85.00 to $78.00 and set a “market perform” rating on the stock in a research note on Friday, August 4th. Finally, Zacks Investment Research downgraded Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. 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 company. The company presently has an average rating of “Hold” and a consensus price target of $74.50.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.
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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