Wells Fargo & Company MN lessened its position in shares of Kellogg (NYSE:K) by 31.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,004,595 shares of the company’s stock after selling 457,514 shares during the period. Wells Fargo & Company MN owned about 0.29% of Kellogg worth $65,309,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in K. Calton & Associates Inc. bought a new position in Kellogg during the 4th quarter worth about $112,000. Resources Investment Advisors Inc. increased its holdings in Kellogg by 65.7% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock worth $127,000 after purchasing an additional 737 shares in the last quarter. SeaCrest Wealth Management LLC bought a new position in Kellogg during the 4th quarter worth about $128,000. Vestpro Financial Partners Inc. dba CPF Texas bought a new position in Kellogg during the 4th quarter worth about $163,000. Finally, Outfitter Advisors LTD. bought a new position in shares of Kellogg in the 4th quarter valued at about $211,000. Hedge funds and other institutional investors own 88.87% of the company’s stock.
K has been the subject of several analyst reports. Zacks Investment Research upgraded Kellogg from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a report on Wednesday, April 11th. Barclays restated a “sell” rating and issued a $69.00 price objective on shares of Kellogg in a report on Sunday, February 11th. Pivotal Research initiated coverage on Kellogg in a report on Monday, February 5th. They issued a “buy” rating and a $80.00 price objective for the company. Piper Jaffray Companies upgraded Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 price objective for the company in a report on Wednesday, February 28th. Finally, Morgan Stanley decreased their price objective on Kellogg from $70.00 to $65.00 and set an “equal weight” rating for the company in a report on Wednesday, April 18th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. Kellogg has a consensus rating of “Hold” and an average price target of $70.53.
Shares of K stock opened at $65.23 on Friday. The company has a debt-to-equity ratio of 3.09, a current ratio of 0.74 and a quick ratio of 0.47. The company has a market cap of $22.62 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 1.99 and a beta of 0.47. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.28.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, May 3rd. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Kellogg had a net margin of 11.10% and a return on equity of 67.81%. The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the previous year, the business earned $1.06 earnings per share. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. sell-side analysts anticipate that Kellogg will post 4.46 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.31%. Kellogg’s payout ratio is 53.47%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of Kellogg stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $69.47, for a total value of $14,241,350.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul T. Norman sold 167,497 shares of Kellogg stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $68.86, for a total transaction of $11,533,843.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 811,596 shares of company stock valued at $53,600,834. 1.40% of the stock is owned by company insiders.
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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