State of Wisconsin Investment Board Has $9.40 Million Stake in Kellogg Company (K)
State of Wisconsin Investment Board trimmed its stake in Kellogg Company (NYSE:K) by 31.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 150,734 shares of the company’s stock after selling 69,090 shares during the quarter. State of Wisconsin Investment Board’s holdings in Kellogg were worth $9,401,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Washington Trust Bank grew its holdings in 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. CWM LLC grew its holdings in 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. Alpha Windward LLC grew its holdings in Kellogg by 0.4% in the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock valued at $179,000 after purchasing an additional 11 shares during the period. Round Table Services LLC purchased a new stake in Kellogg in the second quarter valued at approximately $200,000. Finally, Koch Industries Inc. purchased a new stake in Kellogg in the second quarter valued at approximately $217,000. Hedge funds and other institutional investors own 86.61% of the company’s stock.
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Kellogg Company (NYSE:K) opened at $65.28 on Friday. The firm has a market cap of $22,020.42, a price-to-earnings ratio of 15.94, a PEG ratio of 2.57 and a beta of 0.49. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71. Kellogg Company has a 52 week low of $58.76 and a 52 week high of $76.69.
Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.11. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 earnings per share. analysts anticipate that Kellogg Company will post 4.04 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.54 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $2.16 annualized dividend and a dividend yield of 3.31%. Kellogg’s dividend payout ratio (DPR) is presently 96.43%.
In related news, CEO Steven A. Cahillane purchased 15,930 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were purchased at an average cost of $62.70 per share, with a total value of $998,811.00. Following the completion of the acquisition, the chief executive officer now directly owns 15,930 shares of the company’s stock, valued at approximately $998,811. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donald R. Knauss sold 6,846 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total transaction of $428,354.22. Following the completion of the sale, the director now directly owns 5,000 shares in the company, valued at $312,850. The disclosure for this sale can be found here. Insiders sold 223,438 shares of company stock valued at $14,077,678 over the last 90 days. Insiders own 1.30% of the company’s stock.
Several equities research analysts have issued reports on K shares. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. J P Morgan Chase & Co upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $76.00 to $78.00 in a research note on Friday, August 4th. BMO Capital Markets reiterated a “hold” rating and set a $85.00 price objective on shares of Kellogg in a research note on Friday, August 4th. Susquehanna Bancshares Inc reiterated a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Finally, Piper Jaffray Companies set a $78.00 price objective on shares of Kellogg and gave the stock a “buy” rating in a research note on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and a consensus price target of $71.00.
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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