DnB Asset Management AS decreased its holdings in shares of Kellogg (NYSE:K – Get Rating) by 9.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,524 shares of the company’s stock after selling 12,084 shares during the quarter. DnB Asset Management AS’s holdings in Kellogg were worth $8,170,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of K. Allworth Financial LP grew its stake in Kellogg by 108.9% in the 1st quarter. Allworth Financial LP now owns 397 shares of the company’s stock valued at $26,000 after buying an additional 207 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in Kellogg in the 1st quarter valued at $29,000. Cowa LLC acquired a new position in Kellogg in the 1st quarter valued at $33,000. Capital Advisors Ltd. LLC grew its position in Kellogg by 410.6% in the 1st quarter. Capital Advisors Ltd. LLC now owns 577 shares of the company’s stock worth $37,000 after purchasing an additional 464 shares during the last quarter. Finally, GHP Investment Advisors Inc. acquired a new stake in Kellogg in the 1st quarter worth $39,000. Institutional investors and hedge funds own 84.51% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on K. Credit Suisse Group raised their price target on shares of Kellogg to $72.00 in a research report on Tuesday, August 9th. UBS Group downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $81.00 to $74.00 in a report on Thursday, July 7th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $67.00 price objective (up from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Morgan Stanley lifted their price target on shares of Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, July 14th. Finally, Citigroup lifted their price target on shares of Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, June 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.20.
Kellogg Trading Up 1.1 %
Kellogg (NYSE:K – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same period in the previous year, the firm posted $1.14 earnings per share. The company’s revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Kellogg will post 4.12 earnings per share for the current fiscal year.
Kellogg Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.59 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.32%. Kellogg’s payout ratio is currently 54.50%.
Insider Transactions at Kellogg
In other news, CFO Amit Banati sold 34,007 shares of Kellogg stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $75.06, for a total transaction of $2,552,565.42. Following the completion of the sale, the chief financial officer now owns 59,732 shares in the company, valued at approximately $4,483,483.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Amit Banati sold 34,007 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $75.06, for a total transaction of $2,552,565.42. Following the completion of the transaction, the chief financial officer now owns 59,732 shares in the company, valued at $4,483,483.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the business’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $70.61, for a total transaction of $10,319,863.33. Following the transaction, the insider now owns 57,316,450 shares of the company’s stock, valued at approximately $4,047,114,534.50. The disclosure for this sale can be found here. Insiders sold a total of 1,042,352 shares of company stock worth $76,465,196 in the last quarter. 1.40% of the stock is owned by company insiders.
Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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