Stratos Wealth Partners LTD. Has $464,000 Stake in Kellogg Company (NYSE:K)
Stratos Wealth Partners LTD. increased its position in Kellogg Company (NYSE:K) by 4.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,674 shares of the company’s stock after buying an additional 306 shares during the period. Stratos Wealth Partners LTD.’s holdings in Kellogg were worth $464,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the company. Washington Trust Bank raised its position in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the period. Exane Derivatives raised its position in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC acquired a new position in Kellogg during the first quarter worth $143,000. Security National Trust Co. raised its position in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its position in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Wednesday, August 30th. Kellogg’s payout ratio is currently 94.12%.
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A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada upped their price objective on Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research note on Monday. BMO Capital Markets dropped their price target on Kellogg from $85.00 to $78.00 and set a “market perform” rating for the company in a research note on Friday. Zacks Investment Research lowered Kellogg from a “buy” rating to a “hold” rating in a research note on Friday. J P Morgan Chase & Co raised Kellogg from a “neutral” rating to an “overweight” rating in a research note on Friday. Finally, Susquehanna Bancshares Inc reissued a “hold” rating on shares of Kellogg in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Kellogg presently has an average rating of “Hold” and a consensus price target of $74.67.
In related news, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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