Kellogg Company (K) Position Reduced by Chemical Bank
Chemical Bank lowered its position in Kellogg Company (NYSE:K) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,205 shares of the company’s stock after selling 80 shares during the period. Chemical Bank’s holdings in Kellogg were worth $987,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in K. Invictus RG acquired a new stake in shares of Kellogg during the 1st quarter valued at approximately $458,000. Dupont Capital Management Corp acquired a new stake in shares of Kellogg during the 2nd quarter valued at approximately $268,000. Beutel Goodman & Co Ltd. lifted its position in shares of Kellogg by 28.8% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after acquiring an additional 616,120 shares during the period. Pacer Advisors Inc. lifted its position in shares of Kellogg by 157.0% during the 2nd quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after acquiring an additional 8,353 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Kellogg by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after acquiring an additional 1,248,613 shares during the period. Hedge funds and other institutional investors own 85.42% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. UBS AG reiterated a “neutral” rating and set a $72.00 price target (down from $76.00) on shares of Kellogg in a research report on Tuesday, July 18th. BMO Capital Markets reduced their price target on shares of Kellogg from $85.00 to $78.00 and set a “market perform” rating for the company in a research report on Friday, August 4th. Royal Bank Of Canada reduced their price target on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research report on Tuesday, August 1st. Susquehanna Bancshares Inc reiterated a “hold” rating on shares of Kellogg in a research report on Thursday, August 3rd. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $74.00 price target (up from $71.00) on shares of Kellogg in a research report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Kellogg presently has an average rating of “Hold” and an average price target of $74.50.
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Shares of Kellogg Company (NYSE:K) traded down 0.65% on Thursday, hitting $67.54. 250,212 shares of the stock were exchanged. The firm’s 50-day moving average is $68.35 and its 200-day moving average is $70.65. Kellogg Company has a one year low of $65.06 and a one year high of $78.74. The company has a market cap of $23.31 billion, a P/E ratio of 30.57 and a beta of 0.49.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. On average, equities analysts forecast that Kellogg Company will post $3.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.18%. Kellogg’s dividend payout ratio is currently 97.74%.
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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