Crossmark Global Holdings Inc. bought a new position in shares of Kellogg Company (NYSE:K) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 35,439 shares of the company’s stock, valued at approximately $2,210,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in shares of Kellogg by 54.7% in the second quarter. Capital Research Global Investors now owns 24,031,728 shares of the company’s stock valued at $1,669,244,000 after acquiring an additional 8,495,714 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Kellogg by 94.3% in the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after acquiring an additional 3,807,425 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Kellogg by 2,619.1% in the second quarter. Janus Henderson Group PLC now owns 870,911 shares of the company’s stock valued at $60,493,000 after acquiring an additional 838,882 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Kellogg by 81.3% in the second quarter. Schroder Investment Management Group now owns 1,563,641 shares of the company’s stock valued at $107,406,000 after acquiring an additional 701,375 shares during the last quarter. Finally, Beutel Goodman & Co Ltd. raised its stake in shares of Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock valued at $147,525,000 after acquiring an additional 616,120 shares during the last quarter. 86.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Kellogg Company (NYSE K) opened at $65.18 on Wednesday. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71. The stock has a market cap of $22,027.33, a PE ratio of 15.94, a PEG ratio of 2.57 and a beta of 0.49. Kellogg Company has a fifty-two week low of $58.76 and a fifty-two week high of $76.69.
Kellogg (NYSE:K) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.11. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same quarter in the prior year, the business earned $0.96 EPS. Kellogg’s quarterly revenue was up .6% on a year-over-year basis. analysts predict that Kellogg Company will post 4.04 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.31%. Kellogg’s payout ratio is presently 96.43%.
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A number of analysts have commented on the stock. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. Royal Bank Of Canada decreased their price target on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a report on Tuesday, August 1st. Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. J P Morgan Chase & Co raised shares of Kellogg from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $76.00 to $78.00 in a report on Friday, August 4th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $74.00 price objective (up from $71.00) on shares of Kellogg in a research report on Wednesday, August 9th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $71.00.
In related news, Director Donald R. Knauss sold 6,846 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total value of $428,354.22. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $312,850. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steven A. Cahillane acquired 15,930 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was bought at an average cost of $62.70 per share, with a total value of $998,811.00. Following the purchase, the chief executive officer now owns 15,930 shares in the company, valued at $998,811. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 223,438 shares of company stock worth $14,077,678. Company insiders own 1.30% of the company’s stock.
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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