First Trust Advisors LP Increases Position in Kellogg Company (K)
First Trust Advisors LP increased its stake in shares of Kellogg Company (NYSE:K) by 12.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 277,345 shares of the company’s stock after buying an additional 30,531 shares during the period. First Trust Advisors LP owned approximately 0.08% of Kellogg worth $19,264,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in K. Washington Trust Bank raised 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 valued at $124,000 after buying an additional 15 shares during the period. Exane Derivatives raised 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 valued at $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC acquired a new position in shares of Kellogg during the first quarter valued at approximately $143,000. Security National Trust Co. raised 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 valued at $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised 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 valued at $161,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 83.05% of the company’s stock.
Shares of Kellogg Company (NYSE:K) opened at 69.95 on Friday. The company’s 50 day moving average is $67.92 and its 200 day moving average is $71.45. Kellogg Company has a 12-month low of $65.32 and a 12-month high of $83.65. The company has a market capitalization of $24.14 billion, a P/E ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating 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 firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts expect that Kellogg Company will post $3.98 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.54 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Wednesday, August 30th. Kellogg’s payout ratio is currently 94.12%.
Several brokerages have recently commented on K. Susquehanna Bancshares Inc set a $78.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research note on Wednesday, June 14th. Zacks Investment Research lowered shares of Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Piper Jaffray Companies began coverage on shares of Kellogg in a research note on Wednesday, May 24th. They set an “overweight” rating and a $78.00 price target on the stock. Sanford C. Bernstein set a $62.00 price target on shares of Kellogg and gave the stock a “sell” rating in a research note on Tuesday, June 27th. Finally, Credit Suisse Group dropped their price target on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. Kellogg presently has an average rating of “Hold” and a consensus price target of $74.50.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction 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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