Wagner Bowman Management Corp cut its stake in shares of Kellogg Company (NYSE:K) by 2.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,929 shares of the company’s stock after selling 144 shares during the period. Wagner Bowman Management Corp’s holdings in Kellogg were worth $481,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in K. Washington Trust Bank boosted its stake in shares of Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after buying an additional 15 shares during the period. Exane Derivatives boosted its position in shares of Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the last quarter. Pathstone Family Office LLC acquired a new position in shares of Kellogg during the first quarter worth about $143,000. Security National Trust Co. boosted its position in shares of Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. boosted its position in shares of Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Kellogg Company (NYSE K) traded up 0.09% during midday trading on Friday, reaching $68.81. 1,054,904 shares of the company were exchanged. The firm’s 50-day moving average price is $67.90 and its 200 day moving average price is $71.54. Kellogg Company has a 52-week low of $65.32 and a 52-week 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.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities analysts predict that Kellogg Company will post $3.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.14%. The ex-dividend date is Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is 94.12%.
K has been the subject of a number of research reports. Zacks Investment Research cut shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Susquehanna Bancshares Inc set a $78.00 price target on shares of Kellogg and gave the stock a “hold” rating in a report on Thursday, May 4th. Piper Jaffray Companies set a $78.00 price target on shares of Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. Credit Suisse Group lowered their price target on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $69.00 price target (down from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Kellogg has an average rating of “Hold” and a consensus price target of $74.50.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction that occurred 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. 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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