Kellogg Company (K) Shares Sold by Cambridge Trust Co.
Cambridge Trust Co. reduced its position in shares of Kellogg Company (NYSE:K) by 47.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,200 shares of the company’s stock after selling 4,700 shares during the period. Cambridge Trust Co.’s holdings in Kellogg were worth $361,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Washington Trust Bank boosted its position in shares of 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 boosted its position in shares of 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 bought a new position in shares of Kellogg during the first quarter worth about $143,000. Security National Trust Co. boosted its position in shares of 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. boosted its position in shares of 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. 83.53% of the stock is owned by institutional investors.
Shares of Kellogg Company (K) opened at 70.11 on Tuesday. The firm has a market cap of $24.56 billion, a price-to-earnings ratio of 31.72 and a beta of 0.50. The company’s 50-day moving average is $68.54 and its 200-day moving average is $71.70. Kellogg Company has a 12 month low of $65.32 and a 12 month high of $84.28.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the business earned $0.91 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Kellogg Company will post $3.97 earnings per share for the current fiscal year.
The company also recently declared 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. The ex-dividend date is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.08%. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
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A number of research analysts have recently weighed in on the stock. UBS AG dropped their price objective on shares of Kellogg from $81.00 to $76.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Royal Bank Of Canada dropped their price objective on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 1st. J P Morgan Chase & Co raised shares of Kellogg from a “neutral” rating to an “overweight” rating in a research note on Friday. Susquehanna Bancshares Inc reissued a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Finally, Piper Jaffray Companies set a $78.00 price objective on shares of Kellogg and gave the stock a “buy” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. Kellogg presently has an average rating of “Hold” and a consensus target price of $74.67.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’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 transaction of $1,852,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
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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