Trust Co. of Toledo NA OH bought a new stake in Kellogg (NYSE:K) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,190 shares of the company’s stock, valued at approximately $205,000.
A number of other institutional investors have also recently made changes to their positions in K. Cerebellum GP LLC acquired a new position in shares of Kellogg during the 3rd quarter worth approximately $72,000. First Financial Bank Trust Division increased its position in shares of Kellogg by 4.9% during the 3rd quarter. First Financial Bank Trust Division now owns 62,797 shares of the company’s stock worth $4,041,000 after purchasing an additional 2,939 shares during the last quarter. North Star Investment Management Corp. acquired a new position in shares of Kellogg during the 3rd quarter worth approximately $874,000. Thomasville National Bank acquired a new position in shares of Kellogg during the 3rd quarter worth approximately $6,239,000. Finally, Macquarie Group Ltd. increased its position in shares of Kellogg by 188.9% during the 2nd quarter. Macquarie Group Ltd. now owns 5,200 shares of the company’s stock worth $278,000 after purchasing an additional 3,400 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $63.96, for a total transaction of $6,396,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 500,000 shares of company stock valued at $30,806,000 in the last three months. 0.09% of the stock is owned by insiders.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08. The firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.41 billion. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.14 EPS. As a group, research analysts anticipate that Kellogg will post 3.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.57 per share. The ex-dividend date was Friday, August 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.68%. This is a boost from Kellogg’s previous quarterly dividend of $0.56. Kellogg’s payout ratio is 52.66%.
A number of research analysts recently weighed in on the company. Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $58.00 to $72.00 in a report on Friday, September 6th. TheStreet raised Kellogg from a “c+” rating to a “b-” rating in a report on Monday, August 12th. Consumer Edge lowered Kellogg from an “equal weight” rating to an “underweight” rating and set a $49.00 target price on the stock. in a report on Monday, June 24th. ValuEngine raised Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Barclays set a $62.00 target price on Kellogg and gave the stock a “sell” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $64.33.
Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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