Kellogg Company (K) Shares Bought by Engineers Gate Manager LP
Engineers Gate Manager LP increased its holdings in shares of Kellogg Company (NYSE:K) by 10.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,058 shares of the company’s stock after purchasing an additional 3,031 shares during the quarter. Engineers Gate Manager LP’s holdings in Kellogg were worth $2,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in K. Capital Research Global Investors increased its position in Kellogg by 54.7% during the second quarter. Capital Research Global Investors now owns 24,031,728 shares of the company’s stock valued at $1,669,244,000 after acquiring an additional 8,495,714 shares during the last quarter. Lazard Asset Management LLC increased its position in Kellogg by 94.3% during the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after acquiring an additional 3,807,425 shares during the last quarter. Nordea Investment Management AB increased its position in Kellogg by 15,410.4% during the third quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock valued at $141,596,000 after acquiring an additional 2,255,617 shares during the last quarter. HS Management Partners LLC purchased a new stake in Kellogg during the third quarter valued at $122,431,000. Finally, Ameriprise Financial Inc. increased its position in Kellogg by 34.2% during the third quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after acquiring an additional 1,030,264 shares during the last quarter. 89.65% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kellogg Company (K) traded down $0.74 on Friday, reaching $66.53. The company’s stock had a trading volume of 2,360,000 shares, compared to its average volume of 3,940,000. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68. The stock has a market capitalization of $22,960.00, a PE ratio of 16.82, a price-to-earnings-growth ratio of 2.72 and a beta of 0.52. Kellogg Company has a fifty-two week low of $58.76 and a fifty-two week high of $76.69.
Kellogg (NYSE:K) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.11. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.22 billion. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.96 earnings per share. equities research analysts forecast that Kellogg Company will post 4.03 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, November 30th. Kellogg’s payout ratio is 96.43%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donald R. Knauss sold 6,846 shares of the stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $312,850. The disclosure for this sale can be found here. In the last 90 days, insiders sold 349,754 shares of company stock valued at $22,304,119. Company insiders own 1.30% of the company’s stock.
A number of research firms recently commented on K. Susquehanna Bancshares set a $71.00 price objective on Kellogg and gave the company a “hold” rating in a research report on Tuesday, October 31st. Morgan Stanley reduced their price objective on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research report on Friday, October 13th. Royal Bank Of Canada set a $81.00 price objective on Kellogg and gave the company a “hold” rating in a research report on Wednesday, October 18th. Buckingham Research reduced their price objective on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reduced their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $71.15.
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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