Moors & Cabot Inc. raised its holdings in Kellogg (NYSE:K) by 3.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,501 shares of the company’s stock after purchasing an additional 200 shares during the period. Moors & Cabot Inc.’s holdings in Kellogg were worth $418,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Coastal Investment Advisors Inc. boosted its stake in shares of Kellogg by 117.4% in the second quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock worth $30,000 after acquiring an additional 304 shares during the last quarter. AGF Investments LLC boosted its stake in shares of Kellogg by 39.4% in the second quarter. AGF Investments LLC now owns 828 shares of the company’s stock worth $44,000 after acquiring an additional 234 shares during the last quarter. WealthStone Inc. acquired a new stake in shares of Kellogg in the second quarter worth approximately $48,000. Cerebellum GP LLC acquired a new stake in shares of Kellogg in the third quarter worth approximately $72,000. Finally, Capital Investment Advisory Services LLC boosted its stake in shares of Kellogg by 37.6% in the second quarter. Capital Investment Advisory Services LLC now owns 1,216 shares of the company’s stock worth $69,000 after acquiring an additional 332 shares during the last quarter. 88.65% of the stock is currently owned by institutional investors.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $63.22, for a total value of $6,322,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders have sold 600,000 shares of company stock worth $37,665,000 in the last three months. 0.09% of the stock is currently owned by corporate insiders.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.08. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.41 billion. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 earnings per share. As a group, sell-side analysts forecast that Kellogg will post 3.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend is Friday, November 29th. Kellogg’s dividend payout ratio (DPR) is currently 52.66%.
A number of analysts have recently issued reports on K shares. TheStreet raised Kellogg from a “c+” rating to a “b-” rating in a research note on Monday, August 12th. Royal Bank of Canada started coverage on Kellogg in a research note on Thursday, October 17th. They issued a “sector perform” rating and a $65.00 price target on the stock. Guggenheim lifted their price target on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Credit Suisse Group set a $60.00 price target on Kellogg and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Finally, Buckingham Research lifted their price target on Kellogg from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $64.37.
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. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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