Suntrust Banks Inc. Grows Position in Kellogg Company (K)
Suntrust Banks Inc. boosted its holdings in Kellogg Company (NYSE:K) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,170 shares of the company’s stock after purchasing an additional 2,941 shares during the quarter. Suntrust Banks Inc.’s holdings in Kellogg were worth $3,761,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in K. Vanguard Group Inc. increased its stake in Kellogg by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 20,330,268 shares of the company’s stock valued at $1,412,139,000 after buying an additional 56,284 shares during the period. BlackRock Inc. increased its stake in Kellogg by 2,851.0% in the 1st quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock valued at $1,464,385,000 after buying an additional 19,484,390 shares during the period. State Street Corp increased its stake in Kellogg by 1.4% in the 1st quarter. State Street Corp now owns 11,534,453 shares of the company’s stock valued at $837,528,000 after buying an additional 154,732 shares during the period. Lazard Asset Management LLC increased its stake in Kellogg by 94.3% in the 2nd quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after buying an additional 3,807,425 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Kellogg by 73.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock valued at $229,273,000 after buying an additional 1,336,400 shares during the period. Hedge funds and other institutional investors own 85.40% of the company’s stock.
Shares of Kellogg Company (K) opened at 64.03 on Tuesday. The company has a 50-day moving average of $68.36 and a 200-day moving average of $70.41. Kellogg Company has a 52 week low of $63.00 and a 52 week high of $78.37. The firm has a market capitalization of $22.10 billion, a PE ratio of 28.99 and a beta of 0.49.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $3.16 billion. During the same period in the previous year, the business earned $0.91 earnings per share. The company’s revenue was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Kellogg Company will post $3.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.54 per share. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, August 30th. Kellogg’s payout ratio is presently 97.74%.
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Several brokerages have issued reports on K. Piper Jaffray Companies cut shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research note on Tuesday, September 19th. BMO Capital Markets reaffirmed a “hold” rating and set a $78.00 price target on shares of Kellogg in a research note on Wednesday, September 6th. Deutsche Bank AG reaffirmed a “hold” rating and set a $74.00 price target (up from $71.00) on shares of Kellogg in a research note on Wednesday, August 9th. Royal Bank Of Canada upped their price target on shares of Kellogg from $79.00 to $81.00 and gave the stock 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 investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Kellogg has a consensus rating of “Hold” and an average price target of $74.50.
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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