Bank of New York Mellon Corp decreased its stake in Kellogg Company (NYSE:K) by 9.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 5,463,418 shares of the company’s stock after selling 564,793 shares during the period. Bank of New York Mellon Corp owned approximately 1.56% of Kellogg worth $379,490,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Alpha Windward LLC boosted its position in Kellogg by 1.5% in the first quarter. Alpha Windward LLC now owns 2,564 shares of the company’s stock valued at $186,000 after buying an additional 37 shares in the last quarter. Reliance Trust Co. of Delaware raised its position in Kellogg by 1.0% in the first quarter. Reliance Trust Co. of Delaware now owns 3,937 shares of the company’s stock valued at $286,000 after buying an additional 38 shares during the last quarter. DnB Asset Management AS raised its position in Kellogg by 8.3% in the first quarter. DnB Asset Management AS now owns 101,680 shares of the company’s stock valued at $7,383,000 after buying an additional 7,800 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Kellogg by 6.6% in the first quarter. Nisa Investment Advisors LLC now owns 79,572 shares of the company’s stock valued at $5,778,000 after buying an additional 4,945 shares during the last quarter. Finally, Ledyard National Bank raised its position in Kellogg by 10.4% in the first quarter. Ledyard National Bank now owns 5,040 shares of the company’s stock valued at $366,000 after buying an additional 475 shares during the last quarter. Institutional investors own 83.05% of the company’s stock.
Kellogg Company (NYSE K) opened at 70.07 on Thursday. Kellogg Company has a 12-month low of $65.32 and a 12-month high of $83.65. The stock’s 50 day moving average price is $67.87 and its 200-day moving average price is $71.48. The firm has a market cap of $24.18 billion, a PE ratio of 31.72 and a beta of 0.50.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 earnings per share. Equities research analysts anticipate that Kellogg Company will post $3.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a dividend yield of 3.08%. Kellogg’s dividend payout ratio (DPR) is presently 94.12%.
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A number of brokerages recently issued reports on K. BidaskClub lowered Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Morgan Stanley restated an “equal weight” rating and issued a $69.00 price target (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. Sanford C. Bernstein set a $62.00 price target on Kellogg and gave the company a “sell” rating in a research note on Tuesday, June 27th. Finally, Susquehanna Bancshares Inc restated a “neutral” rating and issued a $80.00 price target (down from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $74.50.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
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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