JPMorgan Chase & Co. Has $17.92 Million Holdings in Kellogg Company (K)
JPMorgan Chase & Co. decreased its holdings in Kellogg Company (NYSE:K) by 61.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 257,997 shares of the company’s stock after selling 415,489 shares during the quarter. JPMorgan Chase & Co. owned 0.07% of Kellogg worth $17,921,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Invictus RG acquired a new stake in Kellogg in the 1st quarter worth about $458,000. Dupont Capital Management Corp acquired a new stake in Kellogg in the 2nd quarter worth about $268,000. Pacer Advisors Inc. raised its stake in Kellogg by 157.0% in the 2nd quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock worth $950,000 after purchasing an additional 8,353 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in Kellogg by 28.8% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after purchasing an additional 616,120 shares in the last quarter. Finally, Cim Investment Mangement Inc. acquired a new stake in Kellogg in the 2nd quarter worth about $563,000. Institutional investors and hedge funds own 85.40% of the company’s stock.
Kellogg Company (K) opened at 63.36 on Friday. The firm has a market capitalization of $21.87 billion, a PE ratio of 28.68 and a beta of 0.49. The company’s 50-day moving average is $68.36 and its 200-day moving average is $70.41. Kellogg Company has a 52-week low of $63.11 and a 52-week high of $78.40.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the business earned $0.91 earnings per share. Kellogg’s revenue was down 2.5% compared to the same quarter last year. Analysts forecast that Kellogg Company will post $3.97 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a $0.54 dividend. 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 3.41%. The ex-dividend date of this dividend was Wednesday, August 30th. Kellogg’s dividend payout ratio (DPR) is 97.74%.
Several analysts have weighed in on the stock. BidaskClub cut shares of Kellogg from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Susquehanna Bancshares Inc set a $78.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Wednesday, June 14th. J P Morgan Chase & Co upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $76.00 to $78.00 in a research report on Friday, August 4th. Royal Bank Of Canada dropped their target price on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 1st. Finally, Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Monday, June 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $74.50.
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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