Artisan Partners Limited Partnership Invests $65.60 Million in Kellogg (K) Stock
Artisan Partners Limited Partnership purchased a new stake in shares of Kellogg (NYSE:K) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 938,880 shares of the company’s stock, valued at approximately $65,600,000.
A number of other hedge funds also recently added to or reduced their stakes in the business. Stonebridge Capital Management Inc. lifted its position in shares of Kellogg by 3.8% during the 2nd quarter. Stonebridge Capital Management Inc. now owns 21,000 shares of the company’s stock worth $1,502,000 after buying an additional 775 shares in the last quarter. Van Hulzen Asset Management LLC lifted its position in shares of Kellogg by 1.1% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 76,058 shares of the company’s stock worth $5,314,000 after buying an additional 814 shares in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Kellogg by 9.1% during the 2nd quarter. Capital Investment Advisors LLC now owns 11,189 shares of the company’s stock worth $782,000 after buying an additional 931 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in shares of Kellogg by 1.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 61,483 shares of the company’s stock worth $4,296,000 after buying an additional 953 shares in the last quarter. Finally, Pennsylvania Trust Co lifted its position in shares of Kellogg by 10.3% during the 2nd quarter. Pennsylvania Trust Co now owns 10,678 shares of the company’s stock worth $746,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 88.95% of the company’s stock.
A number of research firms recently commented on K. Credit Suisse Group lifted their price target on shares of Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, August 9th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $67.00 price target (up previously from $62.00) on shares of Kellogg in a report on Sunday, August 5th. Buckingham Research lifted their price target on shares of Kellogg from $76.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Pivotal Research reaffirmed a “buy” rating and issued a $90.00 price target on shares of Kellogg in a report on Thursday, May 3rd. Finally, Susquehanna Bancshares set a $65.00 price target on shares of Kellogg and gave the stock a “hold” rating in a report on Wednesday, May 9th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $72.39.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The business had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. sell-side analysts expect that Kellogg will post 4.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be issued a dividend of $0.56 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.54. The ex-dividend date is Friday, August 31st. This represents a $2.24 dividend on an annualized basis and a yield of 3.12%. Kellogg’s payout ratio is presently 53.47%.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 250,000 shares of the business’s stock in a transaction on Tuesday, June 12th. The shares were sold at an average price of $65.64, for a total transaction of $16,410,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders have sold a total of 776,655 shares of company stock worth $53,740,824 in the last three months. Insiders own 1.40% of the company’s stock.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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