Kellogg (K) Shares Bought by Sterling Capital Management LLC
Sterling Capital Management LLC increased its position in Kellogg (NYSE:K) by 189.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,306 shares of the company’s stock after purchasing an additional 13,955 shares during the quarter. Sterling Capital Management LLC’s holdings in Kellogg were worth $1,489,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Stonebridge Capital Management Inc. raised its holdings in Kellogg by 3.8% in the 2nd quarter. Stonebridge Capital Management Inc. now owns 21,000 shares of the company’s stock valued at $1,502,000 after acquiring an additional 775 shares during the period. Van Hulzen Asset Management LLC increased its holdings in shares of Kellogg by 1.1% during the second quarter. Van Hulzen Asset Management LLC now owns 76,058 shares of the company’s stock worth $5,314,000 after purchasing an additional 814 shares during the period. First Republic Investment Management Inc. increased its holdings in shares of Kellogg by 2.0% during the second quarter. First Republic Investment Management Inc. now owns 44,755 shares of the company’s stock worth $3,127,000 after purchasing an additional 893 shares during the period. Capital Investment Advisors LLC increased its holdings in shares of Kellogg by 9.1% during the second quarter. Capital Investment Advisors LLC now owns 11,189 shares of the company’s stock worth $782,000 after purchasing an additional 931 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Kellogg by 1.6% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 61,483 shares of the company’s stock worth $4,296,000 after purchasing an additional 953 shares during the period. 88.94% of the stock is currently owned by institutional investors.
Several brokerages have recently commented on K. Wells Fargo & Co reaffirmed a “hold” rating and set a $67.00 target price (up from $62.00) on shares of Kellogg in a report on Sunday, August 5th. Credit Suisse Group increased their price target on shares of Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, August 9th. Buckingham Research increased their price target on shares of Kellogg from $79.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $72.06.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 2nd. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter last year, the business posted $0.97 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis. equities analysts anticipate that Kellogg will post 4.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th will be given a $0.56 dividend. The ex-dividend date is Friday, August 31st. This represents a $2.24 dividend on an annualized basis and a yield of 2.99%. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. Kellogg’s dividend payout ratio (DPR) is currently 55.45%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 160,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $69.85, for a total value of $11,176,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the firm’s stock in a transaction that occurred on 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. Insiders sold 741,655 shares of company stock worth $53,371,974 in the last 90 days. Company insiders own 1.40% of the company’s stock.
Kellogg Company Profile
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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