New Mexico Educational Retirement Board reduced its stake in shares of Kellogg Company (NYSE:K) by 8.2% during the second quarter, Holdings Channel reports. The firm owned 23,490 shares of the company’s stock after selling 2,100 shares during the period. New Mexico Educational Retirement Board’s holdings in Kellogg were worth $1,597,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in K. Alpha Windward LLC raised its position in Kellogg by 0.4% in the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock worth $179,000 after buying an additional 11 shares during the last quarter. Altfest L J & Co. Inc. raised its position in Kellogg by 0.5% in the first quarter. Altfest L J & Co. Inc. now owns 2,891 shares of the company’s stock worth $210,000 after buying an additional 14 shares during the last quarter. 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 last quarter. Benjamin F. Edwards & Company Inc. raised its position in Kellogg by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,813 shares of the company’s stock worth $495,000 after buying an additional 21 shares during the last quarter. Finally, Whittier Trust Co. raised its position in Kellogg by 1.0% in the first quarter. Whittier Trust Co. now owns 3,085 shares of the company’s stock worth $224,000 after buying an additional 31 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Kellogg Company (NYSE K) opened at 68.81 on Friday. Kellogg Company has a 12-month low of $65.32 and a 12-month high of $83.83. The firm has a market capitalization of $23.75 billion, a price-to-earnings ratio of 31.15 and a beta of 0.50. The firm has a 50-day moving average of $67.90 and a 200 day moving average of $71.54.

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, topping the Thomson Reuters’ 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 company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the company earned $0.91 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Kellogg Company will post $3.98 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid 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 3.14%. The ex-dividend date of this dividend is Wednesday, August 30th. Kellogg’s dividend payout ratio (DPR) is currently 94.12%.

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A number of research firms recently weighed in on K. Deutsche Bank AG restated a “hold” rating and set a $74.00 price target (up from $71.00) on shares of Kellogg in a research report on Wednesday. Piper Jaffray Companies set a $78.00 price target on shares of Kellogg and gave the stock a “buy” rating in a research report on Monday, August 7th. Royal Bank Of Canada boosted their price target on shares of Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a research report on Monday, August 7th. BMO Capital Markets lowered their price target on shares of Kellogg from $85.00 to $78.00 and set a “market perform” rating on the stock in a research report on Friday, August 4th. Finally, Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $74.50.

In other Kellogg news, Director John T. Dillon sold 4,900 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $71.87, for a total transaction of $352,163.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Kellogg Company Profile

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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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