South State Corp Decreases Holdings in Kellogg Company (K)
South State Corp lessened its holdings in Kellogg Company (NYSE:K) by 14.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,356 shares of the company’s stock after selling 1,200 shares during the quarter. South State Corp’s holdings in Kellogg were worth $511,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in K. Invictus RG bought a new stake in Kellogg in the first quarter valued at $458,000. Beutel Goodman & Co Ltd. lifted 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. Vanguard Group Inc. lifted its stake in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Kellogg by 157.0% in the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after buying an additional 8,353 shares during the last quarter. Finally, Cambridge Trust Co. lifted its stake in Kellogg by 25.3% in the first quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock valued at $719,000 after buying an additional 2,000 shares during the last quarter. 85.42% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on the company. UBS AG reiterated a “neutral” rating and issued a $72.00 target price (down from $76.00) on shares of Kellogg in a research note on Tuesday, July 18th. 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. Royal Bank Of Canada cut their target price on Kellogg from $81.00 to $79.00 and set a “sector perform” rating on the stock in a research note on Tuesday, August 1st. Susquehanna Bancshares Inc reiterated a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $74.00 target price (up from $71.00) on shares of Kellogg in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $74.50.
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Shares of Kellogg Company (K) traded up 0.04% during midday trading on Wednesday, hitting $68.52. 201,269 shares of the company were exchanged. The firm has a market cap of $23.65 billion, a P/E ratio of 31.02 and a beta of 0.49. Kellogg Company has a one year low of $65.06 and a one year high of $79.06. The company’s 50 day moving average price is $68.30 and its 200 day moving average price is $70.70.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts expect that Kellogg Company will post $3.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is 97.74%.
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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