MAI Capital Management raised its holdings in shares of Kellogg (NYSE:K – Get Rating) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,423 shares of the company's stock after purchasing an additional 209 shares during the quarter. MAI Capital Management's holdings in Kellogg were worth $886,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Allworth Financial LP lifted its holdings in shares of Kellogg by 108.9% during the first quarter. Allworth Financial LP now owns 397 shares of the company's stock worth $26,000 after buying an additional 207 shares in the last quarter. Investment Research & Advisory Group Inc. acquired a new stake in shares of Kellogg during the second quarter worth $26,000. HHM Wealth Advisors LLC acquired a new stake in shares of Kellogg during the first quarter worth $29,000. Cowa LLC acquired a new stake in shares of Kellogg during the first quarter worth $33,000. Finally, Capital Advisors Ltd. LLC lifted its holdings in shares of Kellogg by 410.6% during the first quarter. Capital Advisors Ltd. LLC now owns 577 shares of the company's stock worth $37,000 after buying an additional 464 shares in the last quarter. Institutional investors and hedge funds own 84.51% of the company's stock.
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Insider Transactions at Kellogg
In related news, VP Kurt D. Forche sold 7,425 shares of Kellogg stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $75.52, for a total value of $560,736.00. Following the transaction, the vice president now directly owns 5,881 shares of the company's stock, valued at $444,133.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Amit Banati sold 6,960 shares of Kellogg stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $74.00, for a total value of $515,040.00. Following the transaction, the chief financial officer now directly owns 52,772 shares of the company's stock, valued at $3,905,128. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Kurt D. Forche sold 7,425 shares of Kellogg stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $75.52, for a total value of $560,736.00. Following the completion of the transaction, the vice president now directly owns 5,881 shares in the company, valued at $444,133.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 996,199 shares of company stock worth $73,257,333. Insiders own 1.40% of the company's stock.
Kellogg Stock Performance
Kellogg stock opened at $71.52 on Friday. Kellogg has a 12-month low of $59.54 and a 12-month high of $76.99. The company has a quick ratio of 0.43, a current ratio of 0.70 and a debt-to-equity ratio of 1.28. The business's 50-day moving average price is $73.53 and its two-hundred day moving average price is $70.30. The stock has a market cap of $24.32 billion, a PE ratio of 16.52, a P/E/G ratio of 4.26 and a beta of 0.43.
Kellogg (NYSE:K – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.13. The company had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.64 billion. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, analysts expect that Kellogg will post 4.12 earnings per share for the current fiscal year.
Kellogg Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.59 per share. This is a boost from Kellogg's previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Wednesday, August 31st. Kellogg's payout ratio is 54.50%.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on K shares. UBS Group downgraded Kellogg from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $81.00 to $74.00 in a report on Thursday, July 7th. JPMorgan Chase & Co. restated an "underweight" rating and issued a $67.00 price target (up previously from $64.00) on shares of Kellogg in a research report on Wednesday, June 22nd. Deutsche Bank Aktiengesellschaft decreased their price target on Kellogg from $74.00 to $72.00 and set a "hold" rating on the stock in a research report on Wednesday, June 22nd. Morgan Stanley raised their price target on Kellogg from $69.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 14th. Finally, Credit Suisse Group raised their price target on Kellogg to $72.00 in a research report on Tuesday, August 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $71.20.
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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