Wesbanco Bank Inc. trimmed its position in shares of Kellogg (NYSE:K – Get Rating) by 2.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,641 shares of the company's stock after selling 292 shares during the period. Wesbanco Bank Inc.'s holdings in Kellogg were worth $688,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Kellogg by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company's stock worth $1,892,981,000 after purchasing an additional 646,828 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Kellogg by 4.1% during the 1st quarter. BlackRock Inc. now owns 26,845,929 shares of the company's stock valued at $1,731,295,000 after acquiring an additional 1,054,740 shares in the last quarter. State Street Corp grew its holdings in shares of Kellogg by 2.6% during the 1st quarter. State Street Corp now owns 14,696,120 shares of the company's stock valued at $947,753,000 after acquiring an additional 369,620 shares in the last quarter. Beutel Goodman & Co Ltd. grew its holdings in shares of Kellogg by 2.1% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 5,196,773 shares of the company's stock valued at $335,139,000 after acquiring an additional 106,335 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Kellogg by 6.3% during the 1st quarter. Invesco Ltd. now owns 5,137,164 shares of the company's stock valued at $331,296,000 after acquiring an additional 302,388 shares in the last quarter. 84.51% of the stock is currently owned by hedge funds and other institutional investors.
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Analyst Upgrades and Downgrades
Several equities analysts have recently commented on K shares. UBS Group cut shares of Kellogg from a "buy" rating to a "neutral" rating and lowered their price target for the company from $81.00 to $74.00 in a report on Thursday, July 7th. JPMorgan Chase & Co. restated an "underweight" rating and set a $67.00 price target (up from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Kellogg from $74.00 to $72.00 and set a "hold" rating on the stock in a report on Wednesday, June 22nd. Credit Suisse Group boosted their price target on shares of Kellogg to $72.00 in a report on Tuesday, August 9th. Finally, Morgan Stanley upped their price objective on shares of Kellogg from $69.00 to $72.00 and gave the stock an "equal weight" rating in a report on Thursday, July 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Kellogg currently has an average rating of "Hold" and an average price target of $71.20.
Insiders Place Their Bets
In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company's stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $75.81, for a total transaction of $11,079,858.93. Following the completion of the transaction, the insider now owns 56,731,838 shares of the company's stock, valued at $4,300,840,638.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through
this link. In other news, VP Kurt D. Forche sold 7,425 shares of the company's stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $75.52, for a total transaction of $560,736.00. Following the completion of the transaction, the vice president now owns 5,881 shares of the company's stock, valued at $444,133.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through
this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company's stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $75.81, for a total transaction of $11,079,858.93. Following the transaction, the insider now directly owns 56,731,838 shares of the company's stock, valued at approximately $4,300,840,638.78. The disclosure for this sale can be found
here. Insiders sold a total of 996,199 shares of company stock valued at $73,257,333 in the last quarter. Insiders own 1.40% of the company's stock.
Kellogg Stock Down 0.2 %
Kellogg stock opened at $72.93 on Tuesday. The firm has a market cap of $24.80 billion, a price-to-earnings ratio of 16.84, a P/E/G ratio of 4.32 and a beta of 0.43. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.70 and a quick ratio of 0.43. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.99. The firm has a fifty day moving average price of $73.45 and a two-hundred day moving average price of $70.20.
Kellogg (NYSE:K – Get Rating) last released its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.13. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.64 billion. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The business's revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. As a group, analysts forecast that Kellogg will post 4.12 earnings per share for the current year.
Kellogg Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.59 per share. This is a positive change from Kellogg's previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.24%. Kellogg's payout ratio is currently 54.50%.
Kellogg Company Profile
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Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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