Hook Mill Capital Partners LP Purchases Shares of 38,584 Kellogg (NYSE:K)

Hook Mill Capital Partners LP acquired a new stake in shares of Kellogg (NYSE:K) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 38,584 shares of the company’s stock, valued at approximately $2,584,000. Kellogg comprises 1.9% of Hook Mill Capital Partners LP’s holdings, making the stock its 20th largest position.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Ronald Blue Trust Inc. raised its position in shares of Kellogg by 120.0% in the first quarter. Ronald Blue Trust Inc. now owns 385 shares of the company’s stock worth $27,000 after acquiring an additional 210 shares during the period. Heritage Wealth Management LLC acquired a new position in Kellogg in the 4th quarter worth about $28,000. Parkside Financial Bank & Trust boosted its position in Kellogg by 48.0% during the first quarter. Parkside Financial Bank & Trust now owns 453 shares of the company’s stock worth $30,000 after purchasing an additional 147 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Kellogg by 402.2% in the first quarter. EverSource Wealth Advisors LLC now owns 462 shares of the company’s stock valued at $31,000 after purchasing an additional 370 shares during the period. Finally, Quilter Plc purchased a new stake in shares of Kellogg in the first quarter valued at approximately $498,486,000. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellogg Price Performance

K stock opened at $59.60 on Wednesday. The business’s fifty day moving average price is $64.11 and its 200 day moving average price is $66.11. Kellogg has a 12-month low of $58.88 and a 12-month high of $77.17. The company has a market capitalization of $20.40 billion, a PE ratio of 23.84, a P/E/G ratio of 3.98 and a beta of 0.42. The company has a current ratio of 0.66, a quick ratio of 0.40 and a debt-to-equity ratio of 1.20.

Kellogg (NYSE:K) last released its earnings results on Thursday, August 3rd. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.11 by $0.14. The firm had revenue of $4.04 billion during the quarter, compared to analysts’ expectations of $4.05 billion. Kellogg had a return on equity of 33.33% and a net margin of 5.46%. On average, sell-side analysts anticipate that Kellogg will post 4.14 EPS for the current year.

Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.60 per share. The ex-dividend date is Thursday, August 31st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 4.03%. This is an increase from Kellogg’s previous quarterly dividend of $0.59. Kellogg’s payout ratio is presently 96.00%.

Insider Activity at Kellogg

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $67.55, for a total transaction of $6,755,000.00. Following the sale, the insider now owns 54,531,838 shares of the company’s stock, valued at approximately $3,683,625,656.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of Kellogg stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $59.42, for a total transaction of $4,622,876.00. Following the sale, the insider now owns 54,254,038 shares in the company, valued at $3,223,774,937.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $67.55, for a total value of $6,755,000.00. Following the completion of the sale, the insider now directly owns 54,531,838 shares of the company’s stock, valued at $3,683,625,656.90. The disclosure for this sale can be found here. Insiders have sold 577,800 shares of company stock valued at $37,169,876 over the last quarter. 1.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. 22nd Century Group reissued an “upgrade” rating on shares of Kellogg in a research note on Tuesday, June 27th. StockNews.com assumed coverage on shares of Kellogg in a research note on Thursday, August 17th. They set a “hold” rating for the company. Barclays reduced their price target on shares of Kellogg from $74.00 to $69.00 and set an “underweight” rating for the company in a research report on Friday, August 11th. Morgan Stanley lowered their price objective on Kellogg from $73.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, August 4th. Finally, The Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and increased their target price for the company from $78.00 to $83.00 in a report on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $70.42.

About Kellogg

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.