Kellogg Company (K) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp reduced its stake in shares of Kellogg Company (NYSE:K) by 23.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 4,190,249 shares of the company’s stock after selling 1,273,169 shares during the period. Bank of New York Mellon Corp owned approximately 1.21% of Kellogg worth $261,345,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Sigma Planning Corp raised its position in Kellogg by 16.9% in the 3rd quarter. Sigma Planning Corp now owns 6,281 shares of the company’s stock worth $392,000 after purchasing an additional 907 shares during the period. Teacher Retirement System of Texas raised its position in Kellogg by 11.6% in the 3rd quarter. Teacher Retirement System of Texas now owns 8,901 shares of the company’s stock worth $555,000 after purchasing an additional 926 shares during the period. Toronto Dominion Bank raised its position in Kellogg by 10.9% in the 3rd quarter. Toronto Dominion Bank now owns 142,516 shares of the company’s stock worth $8,893,000 after purchasing an additional 14,013 shares during the period. New York State Common Retirement Fund raised its position in Kellogg by 1.7% in the 3rd quarter. New York State Common Retirement Fund now owns 538,200 shares of the company’s stock worth $33,568,000 after purchasing an additional 9,000 shares during the period. Finally, Private Wealth Partners LLC purchased a new position in Kellogg in the 3rd quarter worth $1,266,000. 86.61% of the stock is owned by institutional investors.
A number of equities analysts recently commented on K shares. Royal Bank Of Canada set a $81.00 target price on shares of Kellogg and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Piper Jaffray Companies cut shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 target price on the stock. in a research report on Tuesday, September 19th. Credit Suisse Group decreased their target price on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th. Finally, Morgan Stanley decreased their target price on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Friday, October 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $71.00.
In related news, Director James M. Jenness sold 26,592 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $63.08, for a total transaction of $1,677,423.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Donald R. Knauss sold 6,846 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total transaction of $428,354.22. Following the transaction, the director now owns 5,000 shares in the company, valued at approximately $312,850. The disclosure for this sale can be found here. Insiders have sold 223,438 shares of company stock worth $14,077,678 in the last quarter. 1.30% of the stock is owned by corporate insiders.
Kellogg Company (NYSE:K) traded up $0.08 during mid-day trading on Friday, hitting $65.36. 4,609,844 shares of the company’s stock were exchanged, compared to its average volume of 2,526,984. Kellogg Company has a 12-month low of $58.76 and a 12-month high of $76.69. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43. The stock has a market capitalization of $22,300.00, a PE ratio of 16.30, a price-to-earnings-growth ratio of 2.63 and a beta of 0.49.
Kellogg (NYSE:K) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.11. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. Kellogg’s quarterly revenue was up .6% on a year-over-year basis. research analysts expect that Kellogg Company will post 4.04 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Thursday, November 30th. Kellogg’s dividend payout ratio is currently 96.43%.
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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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