US Bancorp DE Decreases Stock Holdings in Kellogg (NYSE:K)
US Bancorp DE reduced its stake in shares of Kellogg (NYSE:K) by 9.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 90,198 shares of the company’s stock after selling 9,861 shares during the quarter. US Bancorp DE’s holdings in Kellogg were worth $4,832,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Pinebridge Investments L.P. lifted its stake in Kellogg by 27.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 250,965 shares of the company’s stock valued at $13,444,000 after acquiring an additional 53,295 shares during the period. Bank of Nova Scotia boosted its position in shares of Kellogg by 5.2% during the 2nd quarter. Bank of Nova Scotia now owns 93,752 shares of the company’s stock valued at $5,022,000 after acquiring an additional 4,668 shares during the last quarter. Everett Harris & Co. CA lifted its position in Kellogg by 16.0% in the second quarter. Everett Harris & Co. CA now owns 9,025 shares of the company’s stock worth $483,000 after buying an additional 1,245 shares during the last quarter. Captrust Financial Advisors lifted its position in Kellogg by 24.0% in the second quarter. Captrust Financial Advisors now owns 3,235 shares of the company’s stock worth $173,000 after buying an additional 626 shares during the last quarter. Finally, Parametric Portfolio Associates LLC lifted its position in Kellogg by 4.7% in the second quarter. Parametric Portfolio Associates LLC now owns 770,303 shares of the company’s stock worth $41,265,000 after buying an additional 34,400 shares during the last quarter. 88.41% of the stock is currently owned by institutional investors and hedge funds.
Kellogg stock traded up $0.17 during midday trading on Thursday, reaching $63.78. The stock had a trading volume of 32,524 shares, compared to its average volume of 2,077,007. Kellogg has a twelve month low of $51.34 and a twelve month high of $73.85. The stock has a market capitalization of $21.69 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.66 and a beta of 0.54. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.46 and a current ratio of 0.70. The stock’s 50-day simple moving average is $62.92 and its 200 day simple moving average is $57.94.
The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a $0.57 dividend. The ex-dividend date was Friday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.57%. Kellogg’s dividend payout ratio is 52.66%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $63.22, for a total transaction of $6,322,000.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 500,000 shares of company stock worth $29,908,000 over the last three months. Company insiders own 0.09% of the company’s stock.
Several equities analysts have recently commented on the company. ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Guggenheim raised their price target on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Barclays set a $62.00 price target on Kellogg and gave the stock a “sell” rating in a report on Friday, August 2nd. Buckingham Research lifted their target price on Kellogg from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Finally, TheStreet raised Kellogg from a “c+” rating to a “b-” rating in a report on Monday, August 12th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and an average price target of $64.28.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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