Kellogg Company (K) Shares Sold by BlueMountain Capital Management LLC
BlueMountain Capital Management LLC cut its stake in shares of Kellogg Company (NYSE:K) by 83.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,829 shares of the company’s stock after selling 19,909 shares during the period. BlueMountain Capital Management LLC’s holdings in Kellogg were worth $266,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. UBS Asset Management Americas Inc. boosted its holdings in shares of Kellogg by 7.5% during the 1st quarter. UBS Asset Management Americas Inc. now owns 941,389 shares of the company’s stock worth $68,354,000 after buying an additional 65,746 shares during the period. Intellectus Partners LLC boosted its holdings in shares of Kellogg by 1,182.3% during the 1st quarter. Intellectus Partners LLC now owns 3,847 shares of the company’s stock worth $279,000 after buying an additional 3,547 shares during the period. Ffcm LLC boosted its holdings in shares of Kellogg by 2.3% during the 1st quarter. Ffcm LLC now owns 6,872 shares of the company’s stock worth $499,000 after buying an additional 152 shares during the period. Norinchukin Bank The boosted its holdings in shares of Kellogg by 7.2% during the 1st quarter. Norinchukin Bank The now owns 16,428 shares of the company’s stock worth $1,193,000 after buying an additional 1,103 shares during the period. Finally, HL Financial Services LLC boosted its holdings in shares of Kellogg by 8.6% during the 1st quarter. HL Financial Services LLC now owns 20,265 shares of the company’s stock worth $1,472,000 after buying an additional 1,601 shares during the period. 85.40% of the stock is currently owned by hedge funds and other institutional investors.
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Several analysts recently issued reports on the stock. Piper Jaffray Companies downgraded shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective for the company. in a report on Tuesday, September 19th. BMO Capital Markets reaffirmed a “hold” rating and set a $78.00 price objective on shares of Kellogg in a report on Wednesday, September 6th. Deutsche Bank AG reaffirmed a “hold” rating and set a $74.00 price objective (up from $71.00) on shares of Kellogg in a report on Wednesday, August 9th. Royal Bank Of Canada upped their target price on shares of Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Monday, August 7th. Finally, Zacks Investment Research cut shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.50.
Kellogg Company (K) opened at 63.36 on Friday. Kellogg Company has a 52 week low of $63.11 and a 52 week high of $78.40. The stock has a 50 day moving average of $68.36 and a 200 day moving average of $70.41. The company has a market cap of $21.87 billion, a price-to-earnings ratio of 28.68 and a beta of 0.49.
Kellogg (NYSE:K) last announced its earnings results 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 return on equity of 70.22% and a net margin of 6.12%. The business had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the business posted $0.91 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. Equities research analysts predict that Kellogg Company will post $3.97 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a $0.54 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.41%. Kellogg’s dividend payout ratio is presently 97.74%.
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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