Kellogg Company (K) Shares Bought by Acrospire Investment Management LLC
Acrospire Investment Management LLC grew its position in Kellogg Company (NYSE:K) by 61.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,197 shares of the company’s stock after purchasing an additional 1,600 shares during the period. Kellogg makes up 0.3% of Acrospire Investment Management LLC’s holdings, making the stock its 4th largest position. Acrospire Investment Management LLC’s holdings in Kellogg were worth $292,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Washington Trust Bank increased its holdings in shares of Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after purchasing an additional 15 shares during the period. Pathstone Family Office LLC acquired a new position in shares of Kellogg in the first quarter valued at about $143,000. Exane Derivatives increased its holdings in shares of Kellogg by 24.2% in the second quarter. Exane Derivatives now owns 2,300 shares of the company’s stock valued at $160,000 after purchasing an additional 448 shares during the period. Bronfman E.L. Rothschild L.P. increased its holdings 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 valued at $161,000 after purchasing an additional 31 shares during the period. Finally, CWM LLC increased its holdings in shares of Kellogg by 5.3% in the second quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after purchasing an additional 117 shares during the period. 85.40% of the stock is currently owned by institutional investors and hedge funds.
K has been the topic of a number of research reports. BidaskClub lowered Kellogg from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Morgan Stanley reissued an “equal weight” rating and issued a $69.00 price objective (down from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the company a “sell” rating in a report on Tuesday, June 27th. Zacks Investment Research raised Kellogg from a “sell” rating to a “hold” rating in a report on Monday, May 29th. Finally, UBS AG restated a “neutral” rating and issued a $72.00 target price (down previously from $76.00) on shares of Kellogg in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $74.50.
Shares of Kellogg Company (NYSE K) traded down 0.03% during mid-day trading on Monday, hitting $68.30. The stock had a trading volume of 132,261 shares. The firm has a 50 day moving average price of $68.39 and a 200 day moving average price of $70.57. Kellogg Company has a 52-week low of $65.06 and a 52-week high of $78.69. The firm has a market cap of $23.57 billion, a PE ratio of 30.92 and a beta of 0.49.
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 Thomson Reuters’ consensus estimate of $0.92 by $0.05. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. Equities analysts predict that Kellogg Company will post $3.98 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.16%. The ex-dividend date was Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is 97.74%.
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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