BB&T Securities LLC Reduces Stake in Kellogg (K)
BB&T Securities LLC lowered its stake in shares of Kellogg (NYSE:K) by 3.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,936 shares of the company’s stock after selling 3,068 shares during the period. BB&T Securities LLC’s holdings in Kellogg were worth $5,794,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank bought a new stake in Kellogg in the 2nd quarter worth about $100,628,000. Bank of New York Mellon Corp grew its position in Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after purchasing an additional 1,076,748 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in Kellogg in the 2nd quarter worth about $65,600,000. Schwab Charles Investment Management Inc. grew its position in Kellogg by 73.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,544,779 shares of the company’s stock worth $100,427,000 after purchasing an additional 654,518 shares in the last quarter. Finally, Great West Life Assurance Co. Can grew its position in Kellogg by 211.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 943,292 shares of the company’s stock worth $66,005,000 after purchasing an additional 640,495 shares in the last quarter. Hedge funds and other institutional investors own 88.94% of the company’s stock.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $71.20, for a total value of $10,680,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders have sold a total of 526,655 shares of company stock worth $37,330,824 over the last 90 days. 1.40% of the stock is currently owned by corporate insiders.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.09. The company had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. Kellogg’s revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.97 EPS. equities analysts expect that Kellogg will post 4.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be paid a dividend of $0.56 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, August 31st. Kellogg’s dividend payout ratio is presently 55.45%.
A number of brokerages have issued reports on K. Wells Fargo & Co reaffirmed a “hold” rating and issued a $67.00 price objective (up from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. Credit Suisse Group increased their target price on shares of Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, August 9th. Buckingham Research increased their target price on shares of Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, August 3rd. Finally, ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $72.06.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
Read More: Hedge Funds
Receive News & Ratings for Kellogg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg and related companies with MarketBeat.com's FREE daily email newsletter.