US Bancorp DE Reduces Position in Kellogg Company (NYSE:K)

US Bancorp DE lowered its position in Kellogg Company (NYSE:K) by 1.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 99,393 shares of the company’s stock after selling 1,665 shares during the period. US Bancorp DE’s holdings in Kellogg were worth $6,904,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Invictus RG purchased a new position in shares of Kellogg during the first quarter valued at approximately $458,000. UBS Asset Management Americas Inc. increased its position in shares of Kellogg by 2.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 875,643 shares of the company’s stock valued at $64,543,000 after buying an additional 18,768 shares during the period. Beutel Goodman & Co Ltd. increased its position 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 buying an additional 616,120 shares during the period. Vanguard Group Inc. increased its position in shares of Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the period. Finally, Cambridge Trust Co. increased its position in shares of Kellogg by 25.3% in the first quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock valued at $719,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Kellogg Company (NYSE K) traded up 0.09% on Friday, reaching $68.81. 1,054,904 shares of the company traded hands. Kellogg Company has a 1-year low of $65.32 and a 1-year high of $83.83. The stock has a market capitalization of $23.75 billion, a price-to-earnings ratio of 31.15 and a beta of 0.50. The stock’s 50-day moving average is $67.90 and its 200-day moving average is $71.54.

Kellogg (NYSE:K) last announced its earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. Equities research analysts expect that Kellogg Company will post $3.98 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.54 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Wednesday, August 30th. Kellogg’s dividend payout ratio is presently 94.12%.

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A number of analysts have commented on K shares. BidaskClub cut shares of Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Zacks Investment Research cut shares of Kellogg from a “hold” rating to a “sell” rating in a research report on Tuesday, May 9th. Sanford C. Bernstein set a $62.00 target price on shares of Kellogg and gave the stock a “sell” rating in a report on Tuesday, June 27th. Morgan Stanley restated an “equal weight” rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Finally, Susquehanna Bancshares Inc reiterated a “neutral” rating and issued a $80.00 price objective (down previously from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $74.50.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

About Kellogg

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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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