Kellogg (K) Stake Lessened by Rhumbline Advisers
Rhumbline Advisers reduced its position in shares of Kellogg (NYSE:K) by 2.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 456,854 shares of the company’s stock after selling 13,291 shares during the quarter. Rhumbline Advisers owned 0.13% of Kellogg worth $31,989,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. LFA Lugano Financial Advisors SA acquired a new stake in Kellogg in the 2nd quarter valued at about $103,000. Integrated Investment Consultants LLC acquired a new stake in Kellogg in the 2nd quarter valued at about $110,000. Financial Architects Inc acquired a new stake in Kellogg in the 3rd quarter valued at about $111,000. CSat Investment Advisory L.P. acquired a new stake in Kellogg in the 2nd quarter valued at about $127,000. Finally, Fort L.P. acquired a new stake in Kellogg in the 2nd quarter valued at about $127,000. 86.92% of the stock is currently owned by institutional investors and hedge funds.
In other news, Chairman Steven A. Cahillane purchased 17,825 shares of the company’s stock in a transaction dated Monday, November 19th. The shares were acquired at an average cost of $61.63 per share, for a total transaction of $1,098,554.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction dated Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total transaction of $14,292,600.00. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Kellogg (NYSE:K) last posted its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.03 earnings per share. Equities analysts expect that Kellogg will post 4.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a $0.56 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Kellogg’s dividend payout ratio is presently 55.45%.
A number of analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Kellogg in a report on Monday, September 17th. They issued an “equal weight” rating and a $75.00 price objective for the company. Wells Fargo & Co reiterated a “hold” rating and issued a $67.00 price objective (up previously from $62.00) on shares of Kellogg in a report on Sunday, August 5th. ValuEngine upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Credit Suisse Group raised their price target on shares of Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $70.22.
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Kellogg Company Profile
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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