MetLife Investment Advisors LLC Reduces Holdings in Kellogg (K)
MetLife Investment Advisors LLC reduced its position in Kellogg (NYSE:K) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,515 shares of the company’s stock after selling 1,400 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Kellogg were worth $5,136,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in K. Victory Capital Management Inc. boosted its stake in shares of Kellogg by 4,284.6% in the 1st quarter. Victory Capital Management Inc. now owns 172,360 shares of the company’s stock valued at $11,205,000 after buying an additional 168,429 shares during the period. Aperio Group LLC lifted its stake in Kellogg by 3.5% during the first quarter. Aperio Group LLC now owns 124,804 shares of the company’s stock worth $8,114,000 after purchasing an additional 4,222 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in Kellogg by 7.4% during the first quarter. Neuberger Berman Group LLC now owns 14,599 shares of the company’s stock worth $999,000 after purchasing an additional 1,006 shares during the last quarter. US Bancorp DE lifted its stake in Kellogg by 7.6% during the first quarter. US Bancorp DE now owns 141,215 shares of the company’s stock worth $9,181,000 after purchasing an additional 10,001 shares during the last quarter. Finally, Korea Investment CORP lifted its stake in Kellogg by 36.9% during the first quarter. Korea Investment CORP now owns 111,643 shares of the company’s stock worth $7,258,000 after purchasing an additional 30,100 shares during the last quarter. 88.92% of the stock is owned by institutional investors.
Several equities research analysts recently weighed in on K shares. Buckingham Research boosted their target price on Kellogg from $76.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Morgan Stanley started coverage on Kellogg in a research note on Monday. They set an “equal weight” rating and a $75.00 target price for the company. Credit Suisse Group boosted their target price on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Thursday, August 9th. Wells Fargo & Co restated a “hold” rating and set a $67.00 target price (up previously from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Finally, ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $72.76.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. Kellogg had a return on equity of 59.68% and a net margin of 13.33%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 earnings per share. equities analysts predict that Kellogg will post 4.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th were given a dividend of $0.56 per share. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. The ex-dividend date was Friday, August 31st. This represents a $2.24 annualized dividend and a yield of 3.00%. Kellogg’s payout ratio is 55.45%.
In other news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $72.25, for a total value of $4,815,823.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 741,655 shares of company stock worth $53,371,974. 1.40% of the stock is currently owned by corporate insiders.
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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