Bank of Nova Scotia decreased its position in shares of Kellogg Company (NYSE:K) by 49.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 260,654 shares of the company’s stock after selling 255,939 shares during the period. Bank of Nova Scotia owned about 0.07% of Kellogg worth $18,926,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Private Bank & Trust Co. boosted its position in Kellogg by 29.0% in the first quarter. Private Bank & Trust Co. now owns 6,240 shares of the company’s stock worth $454,000 after buying an additional 1,404 shares during the last quarter. Alpha Windward LLC increased its stake in shares of 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 during the period. National Pension Service increased its stake in shares of Kellogg by 7.0% in the first quarter. National Pension Service now owns 226,007 shares of the company’s stock valued at $16,395,000 after buying an additional 14,764 shares during the period. Gulf International Bank UK Ltd increased its stake in shares of Kellogg by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 81,217 shares of the company’s stock valued at $5,897,000 after buying an additional 1,100 shares during the period. Finally, Raymond James Trust N.A. increased its stake in shares of Kellogg by 4.9% in the first quarter. Raymond James Trust N.A. now owns 7,941 shares of the company’s stock valued at $577,000 after buying an additional 371 shares during the period. 83.60% of the stock is currently owned by hedge funds and other institutional investors.
Kellogg Company (K) traded down 0.04% during trading on Friday, hitting $67.65. The stock had a trading volume of 1,787,928 shares. The company has a market cap of $23.70 billion, a PE ratio of 30.61 and a beta of 0.50. Kellogg Company has a 12 month low of $65.32 and a 12 month high of $84.28. The company’s 50 day moving average is $68.83 and its 200-day moving average is $71.76.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, May 4th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.01 by $0.05. Kellogg had a return on equity of 67.99% and a net margin of 6.07%. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter last year, the firm earned $0.97 earnings per share. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities research analysts predict that Kellogg Company will post $3.92 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is currently 94.55%.
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Several brokerages recently issued reports on K. Susquehanna Bancshares Inc set a $78.00 target price on Kellogg and gave the company a “hold” rating in a research note on Wednesday, June 14th. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Piper Jaffray Companies began coverage on Kellogg in a research note on Wednesday, May 24th. They set an “overweight” rating and a $78.00 target price on the stock. Sanford C. Bernstein set a $62.00 target price on Kellogg and gave the company a “sell” rating in a research note on Tuesday, June 27th. Finally, Credit Suisse Group decreased their target price on Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $77.82.
In other news, Director James M. Jenness sold 70,000 shares of Kellogg stock in a transaction on Monday, May 8th. The stock was sold at an average price of $71.06, for a total value of $4,974,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,900 shares of company stock valued at $7,178,363. Insiders own 1.30% of the company’s stock.
Kellogg Company 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.
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