Davy Asset Management Ltd Takes Position in Kellogg (K)
Davy Asset Management Ltd bought a new position in Kellogg (NYSE:K) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,300 shares of the company’s stock, valued at approximately $941,000.
Other large investors have also recently bought and sold shares of the company. Mackay Shields LLC purchased a new stake in Kellogg during the first quarter worth $2,722,000. Victory Capital Management Inc. lifted its holdings in shares of Kellogg by 4,284.6% during the 1st quarter. Victory Capital Management Inc. now owns 172,360 shares of the company’s stock valued at $11,205,000 after purchasing an additional 168,429 shares during the last quarter. LSV Asset Management lifted its holdings in shares of Kellogg by 13.4% during the 1st quarter. LSV Asset Management now owns 1,327,600 shares of the company’s stock valued at $86,307,000 after purchasing an additional 156,700 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Kellogg by 3.7% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 60,608 shares of the company’s stock valued at $3,940,000 after purchasing an additional 2,150 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Kellogg by 12.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 124,129 shares of the company’s stock valued at $8,069,000 after purchasing an additional 14,020 shares during the last quarter. Institutional investors own 88.94% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total value of $16,041,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 741,655 shares of company stock valued at $53,371,974. Corporate insiders own 1.40% of the company’s stock.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.09. The business had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.31 billion. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 earnings per share. equities research analysts forecast that Kellogg will post 4.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Tuesday, September 4th will be given a dividend of $0.56 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, August 31st. Kellogg’s payout ratio is 55.45%.
K has been the topic of several analyst reports. Credit Suisse Group increased their price target on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, August 9th. Wells Fargo & Co restated a “hold” rating and set a $67.00 target price (up from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. Buckingham Research raised their target price on Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, August 3rd. Finally, ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and a consensus target price of $72.06.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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