Nordea Investment Management AB reduced its stake in Kellogg (NYSE:K – Free Report) by 98.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,540 shares of the company’s stock after selling 1,037,042 shares during the period. Nordea Investment Management AB’s holdings in Kellogg were worth $1,243,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of K. Avondale Wealth Management grew its stake in shares of Kellogg by 142.9% in the 2nd quarter. Avondale Wealth Management now owns 1,700 shares of the company’s stock worth $115,000 after buying an additional 1,000 shares in the last quarter. DnB Asset Management AS grew its stake in shares of Kellogg by 66.4% in the 2nd quarter. DnB Asset Management AS now owns 93,602 shares of the company’s stock worth $6,309,000 after buying an additional 37,366 shares in the last quarter. New England Research & Management Inc. grew its stake in shares of Kellogg by 71.2% in the 2nd quarter. New England Research & Management Inc. now owns 22,785 shares of the company’s stock worth $1,536,000 after buying an additional 9,475 shares in the last quarter. Duality Advisers LP grew its stake in shares of Kellogg by 439.4% in the 1st quarter. Duality Advisers LP now owns 51,776 shares of the company’s stock worth $3,467,000 after buying an additional 42,177 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of Kellogg by 0.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 311,719 shares of the company’s stock worth $20,873,000 after buying an additional 1,400 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on K shares. Morgan Stanley dropped their price target on shares of Kellogg from $73.00 to $68.00 and set an “equal weight” rating for the company in a research note on Friday, August 4th. The Goldman Sachs Group raised shares of Kellogg from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $78.00 to $83.00 in a research note on Tuesday, June 27th. TD Cowen started coverage on shares of Kellogg in a research note on Wednesday, September 13th. They set a “market perform” rating and a $63.00 price target for the company. 22nd Century Group reaffirmed an “upgrade” rating on shares of Kellogg in a research note on Tuesday, June 27th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $70.00 price objective on shares of Kellogg in a research report on Wednesday, September 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $69.86.
Kellogg Trading Down 0.4 %
NYSE:K opened at $60.21 on Friday. Kellogg has a one year low of $58.81 and a one year high of $77.17. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.40 and a current ratio of 0.66. The firm has a market cap of $20.61 billion, a P/E ratio of 24.08, a P/E/G ratio of 4.05 and a beta of 0.42. The firm has a 50-day simple moving average of $62.89 and a 200-day simple moving average of $65.79.
Kellogg (NYSE:K – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.11 by $0.14. The business had revenue of $4.04 billion during the quarter, compared to analyst estimates of $4.05 billion. Kellogg had a net margin of 5.46% and a return on equity of 33.33%. Equities analysts anticipate that Kellogg will post 4.14 EPS for the current fiscal year.
Kellogg Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Thursday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.59. Kellogg’s payout ratio is 96.00%.
Insider Buying and Selling
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $67.55, for a total transaction of $6,755,000.00. Following the completion of the transaction, the insider now owns 54,531,838 shares in the company, valued at approximately $3,683,625,656.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the company’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $59.42, for a total transaction of $4,622,876.00. Following the transaction, the insider now owns 54,254,038 shares in the company, valued at approximately $3,223,774,937.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $67.55, for a total transaction of $6,755,000.00. Following the transaction, the insider now owns 54,531,838 shares in the company, valued at approximately $3,683,625,656.90. The disclosure for this sale can be found here. Insiders sold a total of 633,400 shares of company stock worth $39,946,886 in the last 90 days. 1.40% of the stock is owned by corporate insiders.
About Kellogg
Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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