Kellogg Company (NYSE:K) Stake Decreased by Commerce Bank

Commerce Bank cut its position in shares of Kellogg Company (NYSE:K) by 6.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 39,831 shares of the company’s stock after selling 2,753 shares during the quarter. Commerce Bank’s holdings in Kellogg were worth $2,767,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Invictus RG acquired a new position in shares of Kellogg in the first quarter worth $458,000. Dupont Capital Management Corp acquired a new position in shares of Kellogg in the second quarter worth $268,000. Beutel Goodman & Co Ltd. raised its holdings in shares of Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after acquiring an additional 616,120 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Kellogg by 157.0% in the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock worth $950,000 after acquiring an additional 8,353 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after acquiring an additional 1,248,613 shares during the last quarter. 85.42% of the stock is owned by hedge funds and other institutional investors.

Shares of Kellogg Company (NYSE K) traded up 1.04% during midday trading on Friday, hitting $68.32. The stock had a trading volume of 2,579,089 shares. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 30.93 and a beta of 0.49. Kellogg Company has a 1-year low of $65.06 and a 1-year high of $78.69. The firm has a 50-day moving average price of $68.39 and a 200-day moving average price of $70.57.

Kellogg (NYSE:K) last announced its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts anticipate that Kellogg Company will post $3.98 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is 97.74%.

A number of equities research analysts have recently commented on the company. Susquehanna Bancshares Inc set a $78.00 price objective on Kellogg and gave the company a “hold” rating in a research report on Wednesday, June 14th. Zacks Investment Research raised Kellogg from a “sell” rating to a “hold” rating in a research report on Monday, June 12th. Piper Jaffray Companies assumed coverage on Kellogg in a research report on Wednesday, May 24th. They issued an “overweight” rating and a $78.00 price objective for the company. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the company a “sell” rating in a research report on Tuesday, June 27th. Finally, BidaskClub downgraded Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Kellogg has a consensus rating of “Hold” and an average price target of $74.50.

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Kellogg Profile

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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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