Kellogg Co. (K) Position Held by Portland Global Advisors LLC
Portland Global Advisors LLC continued to hold its stake in shares of Kellogg Co. (NYSE:K) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,558 shares of the company’s stock at the end of the second quarter. Portland Global Advisors LLC’s holdings in Kellogg were worth $535,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. NN Investment Partners Holdings N.V. purchased a new position in shares of Kellogg during the first quarter valued at $115,000. Tobam purchased a new position in shares of Kellogg during the first quarter valued at $141,000. Green Square Capital LLC purchased a new position in shares of Kellogg during the second quarter valued at $202,000. Fox Run Management L.L.C. purchased a new position in shares of Kellogg during the second quarter valued at $204,000. Finally, Stewart & Patten Co. LLC purchased a new position in shares of Kellogg during the second quarter valued at $212,000. 81.75% of the stock is owned by hedge funds and other institutional investors.
Kellogg Co. (NYSE:K) traded up 0.82% during midday trading on Thursday, reaching $78.22. The company had a trading volume of 2,098,418 shares. The firm has a 50-day moving average of $81.32 and a 200-day moving average of $78.58. Kellogg Co. has a 12 month low of $64.65 and a 12 month high of $87.16. The stock has a market cap of $27.40 billion, a P/E ratio of 44.75 and a beta of 0.45.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.91. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.37 billion. Kellogg had a return on equity of 56.33% and a net margin of 4.71%. The business’s revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.92 earnings per share. On average, equities analysts expect that Kellogg Co. will post $0.11 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Tuesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.50. Kellogg’s payout ratio is 119.54%.
A number of research analysts have recently commented on K shares. Credit Suisse Group AG reissued an “outperform” rating and set a $94.00 price objective on shares of Kellogg in a report on Tuesday, August 30th. Morgan Stanley reissued a “hold” rating and set a $79.00 price objective on shares of Kellogg in a report on Thursday, September 1st. Deutsche Bank AG raised their target price on Kellogg from $74.00 to $78.00 and gave the company a “hold” rating in a report on Friday, July 29th. Susquehanna reaffirmed a “hold” rating on shares of Kellogg in a report on Wednesday, September 7th. Finally, Citigroup Inc. lowered their target price on Kellogg from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $81.65.
In related news, Vice Chairman Gary H. Pilnick sold 57,870 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $83.36, for a total value of $4,824,043.20. The sale 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 250,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The shares were sold at an average price of $76.98, for a total value of $19,245,000.00. The disclosure for this sale can be found here. Company insiders own 8.80% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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