HighVista Strategies LLC Has $868,000 Position in Kellogg Company (K)
HighVista Strategies LLC reduced its stake in Kellogg Company (NYSE:K) by 54.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 12,500 shares of the company’s stock after selling 14,800 shares during the quarter. HighVista Strategies LLC’s holdings in Kellogg were worth $868,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Legg Mason Asset Management Japan Co. Ltd. acquired a new stake in Kellogg in the 2nd quarter worth approximately $965,000. Numeric Investors LLC lifted its holdings in Kellogg by 68.8% in the 2nd quarter. Numeric Investors LLC now owns 5,400 shares of the company’s stock worth $375,000 after purchasing an additional 2,200 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in Kellogg by 28.2% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 107,228 shares of the company’s stock worth $7,448,000 after purchasing an additional 23,556 shares during the last quarter. Veritable L.P. lifted its holdings in Kellogg by 5.1% in the 2nd quarter. Veritable L.P. now owns 6,456 shares of the company’s stock worth $448,000 after purchasing an additional 315 shares during the last quarter. Finally, OxFORD Asset Management LLP acquired a new stake in Kellogg in the 2nd quarter worth approximately $2,384,000. Hedge funds and other institutional investors own 85.40% of the company’s stock.
Shares of Kellogg Company (K) traded down 0.71% during mid-day trading on Thursday, reaching $62.59. The company’s stock had a trading volume of 970,218 shares. Kellogg Company has a 52-week low of $62.30 and a 52-week high of $78.37. The firm has a 50 day moving average price of $68.36 and a 200 day moving average price of $70.41. The firm has a market cap of $21.60 billion, a price-to-earnings ratio of 28.33 and a beta of 0.49. Kellogg also was the recipient of unusually large options trading on Tuesday. Traders bought 8,131 put options on the company. This represents an increase of approximately 600% compared to the typical daily volume of 1,162 put options.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter last year, the company earned $0.91 EPS. The company’s revenue was down 2.5% on a year-over-year basis. On average, equities analysts predict that Kellogg Company will post $3.97 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date was Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is 97.74%.
Several research analysts have commented on K shares. BidaskClub downgraded Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $69.00 price target (down from $74.00) on shares of Kellogg in a research report on Tuesday, July 18th. BMO Capital Markets reaffirmed a “hold” rating and issued a $78.00 price target on shares of Kellogg in a research report on Wednesday, September 6th. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the company a “sell” rating in a research report on Tuesday, June 27th. Finally, Piper Jaffray Companies cut Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Tuesday, September 19th. Two equities research 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 presently has a consensus rating of “Hold” and an average price target of $74.50.
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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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