Johnson Financial Group Inc. lowered its stake in shares of Kellogg Company (NYSE:K) by 34.3% during the first quarter, Holdings Channel reports. The institutional investor owned 13,905 shares of the company’s stock after selling 7,245 shares during the period. Johnson Financial Group Inc.’s holdings in Kellogg Company were worth $1,010,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Independent Advisor Alliance bought a new position in Kellogg Company during the fourth quarter valued at $116,000. Exane Derivatives increased its position in Kellogg Company by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock valued at $134,000 after buying an additional 1,403 shares in the last quarter. Pathstone Family Office LLC bought a new position in Kellogg Company during the first quarter valued at $143,000. Security National Trust Co. increased its position in Kellogg Company by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock valued at $150,000 after buying an additional 139 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. increased its position in Kellogg Company by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after buying an additional 31 shares in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kellogg Company (K) opened at 70.56 on Monday. Kellogg Company has a 52 week low of $68.67 and a 52 week high of $87.16. The company’s 50 day moving average price is $71.70 and its 200-day moving average price is $72.80. The stock has a market capitalization of $24.72 billion, a PE ratio of 31.93 and a beta of 0.49.
Kellogg Company (NYSE:K) last announced its quarterly earnings results on Thursday, May 4th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.05. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.28 billion. Kellogg Company had a return on equity of 67.99% and a net margin of 6.07%. Kellogg Company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 EPS. Equities research analysts predict that Kellogg Company will post $3.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Tuesday, May 30th. Kellogg Company’s dividend payout ratio (DPR) is 94.55%.
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K has been the subject of a number of recent analyst reports. Susquehanna Bancshares Inc set a $78.00 price objective on Kellogg Company and gave the company a “hold” rating in a report on Thursday, May 4th. Zacks Investment Research cut Kellogg Company from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. Sanford C. Bernstein cut Kellogg Company from a “market perform” rating to an “underperform” rating in a report on Tuesday, March 21st. Credit Suisse Group lowered their target price on Kellogg Company from $80.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Finally, BidaskClub cut Kellogg Company from a “sell” rating to a “strong sell” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. Kellogg Company currently has an average rating of “Hold” and a consensus target price of $81.33.
In other Kellogg Company news, Director James M. Jenness sold 70,000 shares of Kellogg Company stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $71.06, for a total transaction of $4,974,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg Company stock in a transaction dated Wednesday, June 14th. The stock was 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. Insiders have sold a total of 99,900 shares of company stock valued at $7,178,363 over the last ninety days. 1.30% of the stock is owned by company insiders.
About Kellogg Company
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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