Teacher Retirement System of Texas reduced its holdings in Kellogg (NYSE:K) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 113,409 shares of the company’s stock after selling 11,563 shares during the quarter. Teacher Retirement System of Texas’ holdings in Kellogg were worth $7,373,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Kellogg by 16.1% during the fourth quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock valued at $1,678,353,000 after acquiring an additional 3,421,334 shares in the last quarter. American International Group Inc. increased its holdings in shares of Kellogg by 6,576.3% during the fourth quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock valued at $508,167,000 after acquiring an additional 7,363,283 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Kellogg by 1.2% during the fourth quarter. Bank of New York Mellon Corp now owns 4,240,837 shares of the company’s stock valued at $288,290,000 after acquiring an additional 50,588 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Kellogg by 30.5% during the first quarter. American Century Companies Inc. now owns 4,221,683 shares of the company’s stock valued at $274,452,000 after acquiring an additional 985,494 shares in the last quarter. Finally, HS Management Partners LLC increased its holdings in shares of Kellogg by 36.9% during the fourth quarter. HS Management Partners LLC now owns 2,686,650 shares of the company’s stock valued at $182,638,000 after acquiring an additional 723,675 shares in the last quarter. Institutional investors and hedge funds own 88.87% of the company’s stock.
Several equities research analysts have recently commented on the company. Susquehanna Bancshares set a $65.00 price objective on Kellogg and gave the company a “hold” rating in a report on Wednesday, May 9th. Wells Fargo & Co reaffirmed a “hold” rating and set a $60.00 target price (down previously from $66.00) on shares of Kellogg in a research report on Monday, May 7th. They noted that the move was a valuation call. Credit Suisse Group set a $63.00 target price on Kellogg and gave the company a “hold” rating in a research report on Saturday, May 5th. Morgan Stanley cut their target price on Kellogg from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Friday, May 4th. Finally, Deutsche Bank cut their target price on Kellogg from $68.00 to $64.00 and set a “hold” rating on the stock in a research report on Friday, May 4th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $70.53.
Kellogg opened at $62.23 on Thursday, Marketbeat.com reports. The company has a debt-to-equity ratio of 3.09, a quick ratio of 0.47 and a current ratio of 0.74. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.28. The firm has a market capitalization of $21.34 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.88 and a beta of 0.47.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, May 3rd. The company reported $1.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Kellogg had a return on equity of 67.81% and a net margin of 11.10%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The business’s revenue was up 4.7% on a year-over-year basis. research analysts predict that Kellogg will post 4.46 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be given a $0.54 dividend. The ex-dividend date is Thursday, May 31st. This represents a $2.16 annualized dividend and a yield of 3.47%. Kellogg’s dividend payout ratio is currently 53.47%.
In other news, CFO Fareed A. Khan bought 8,080 shares of the stock in a transaction on Tuesday, May 22nd. The shares were purchased at an average cost of $61.78 per share, for a total transaction of $499,182.40. Following the completion of the purchase, the chief financial officer now directly owns 8,080 shares in the company, valued at approximately $499,182.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 4,400 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $67.55, for a total value of $297,220.00. The disclosure for this sale can be found here. In the last three months, insiders sold 818,763 shares of company stock worth $54,086,127. Insiders own 1.40% of the company’s stock.
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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