Kellogg (K) Shares Sold by FTB Advisors Inc.
FTB Advisors Inc. trimmed its position in Kellogg (NYSE:K) by 46.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,221 shares of the company’s stock after selling 8,115 shares during the period. FTB Advisors Inc.’s holdings in Kellogg were worth $645,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its holdings in Kellogg by 13.2% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 6,104 shares of the company’s stock worth $427,000 after purchasing an additional 711 shares in the last quarter. Kiley Juergens Wealth Management LLC increased its holdings in Kellogg by 57.7% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 2,127 shares of the company’s stock worth $148,000 after purchasing an additional 778 shares in the last quarter. First Midwest Bank Trust Division increased its holdings in Kellogg by 26.6% during the 3rd quarter. First Midwest Bank Trust Division now owns 3,803 shares of the company’s stock worth $267,000 after purchasing an additional 800 shares in the last quarter. Van Hulzen Asset Management LLC increased its holdings in Kellogg by 1.1% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 76,058 shares of the company’s stock worth $5,314,000 after purchasing an additional 814 shares in the last quarter. Finally, First Republic Investment Management Inc. increased its holdings in Kellogg by 2.0% during the 2nd quarter. First Republic Investment Management Inc. now owns 44,755 shares of the company’s stock worth $3,127,000 after purchasing an additional 893 shares in the last quarter. 86.92% of the stock is owned by institutional investors and hedge funds.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total value of $14,292,600.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Steven A. Cahillane acquired 17,825 shares of the company’s stock in a transaction that occurred on Monday, November 19th. The stock was purchased at an average price of $61.63 per share, for a total transaction of $1,098,554.75. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.
Kellogg (NYSE:K) last released its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. Analysts anticipate that Kellogg will post 4.31 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a $0.56 dividend. The ex-dividend date is Friday, November 30th. This represents a $2.24 annualized dividend and a yield of 3.63%. Kellogg’s payout ratio is 55.45%.
A number of analysts have commented on the company. Zacks Investment Research reissued a “sell” rating on shares of Kellogg in a report on Tuesday, November 13th. Citigroup decreased their price objective on Kellogg from $79.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Buckingham Research decreased their price objective on Kellogg from $77.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Deutsche Bank set a $66.00 target price on Kellogg and gave the company a “hold” rating in a report on Wednesday, November 14th. Finally, Credit Suisse Group reduced their target price on Kellogg from $70.00 to $66.00 and set a “hold” rating for the company in a report on Wednesday, November 14th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and a consensus price target of $70.22.
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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.
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