AustralianSuper Pty Ltd raised its stake in Kellogg (NYSE:K) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 60,600 shares of the company’s stock after buying an additional 2,600 shares during the period. AustralianSuper Pty Ltd’s holdings in Kellogg were worth $4,243,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brown Advisory Inc. raised its stake in Kellogg by 81.1% during the 2nd quarter. Brown Advisory Inc. now owns 163,119 shares of the company’s stock worth $11,398,000 after buying an additional 73,044 shares during the period. Manning & Napier Group LLC raised its stake in Kellogg by 11.5% during the 3rd quarter. Manning & Napier Group LLC now owns 67,873 shares of the company’s stock worth $4,752,000 after buying an additional 7,005 shares during the period. Andra AP fonden acquired a new position in Kellogg during the 2nd quarter worth approximately $8,049,000. AMP Capital Investors Ltd raised its stake in Kellogg by 12.9% during the 2nd quarter. AMP Capital Investors Ltd now owns 142,251 shares of the company’s stock worth $9,937,000 after buying an additional 16,251 shares during the period. Finally, ELM Advisors LLC acquired a new position in Kellogg during the 3rd quarter worth approximately $172,000. Hedge funds and other institutional investors own 88.59% of the company’s stock.
K has been the topic of a number of research reports. Buckingham Research dropped their price target on Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, November 1st. Wells Fargo & Co reaffirmed a “hold” rating and set a $67.00 price target (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Royal Bank of Canada dropped their price target on Kellogg to $72.00 and set a “market perform” rating on the stock in a research note on Thursday, November 1st. Credit Suisse Group dropped their price target on Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, November 14th. Finally, Piper Jaffray Companies set a $79.00 price target on Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $70.22.
Kellogg (NYSE:K) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.01). The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $1.03 earnings per share. On average, equities research analysts predict that Kellogg will post 4.31 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total value of $14,292,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.40% of the company’s stock.
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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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