Mission Wealth Management LP Buys 411 Shares of Kellogg (NYSE:K)
Mission Wealth Management LP raised its stake in Kellogg (NYSE:K) by 8.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,340 shares of the company’s stock after buying an additional 411 shares during the period. Mission Wealth Management LP’s holdings in Kellogg were worth $345,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Bay Harbor Wealth Management LLC bought a new position in shares of Kellogg during the 1st quarter valued at $29,000. TCTC Holdings LLC bought a new position in shares of Kellogg during the 2nd quarter valued at $30,000. Balentine LLC grew its holdings in shares of Kellogg by 98.8% during the 2nd quarter. Balentine LLC now owns 481 shares of the company’s stock valued at $32,000 after purchasing an additional 239 shares during the last quarter. NN Investment Partners Holdings N.V. grew its holdings in shares of Kellogg by 33.3% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 800 shares of the company’s stock valued at $53,000 after purchasing an additional 200 shares during the last quarter. Finally, Orion Portfolio Solutions LLC grew its holdings in shares of Kellogg by 45.1% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 827 shares of the company’s stock valued at $55,000 after purchasing an additional 257 shares during the last quarter. 85.26% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on K. Morgan Stanley increased their price target on shares of Kellogg from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Zacks Investment Research raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Wednesday, July 29th. Credit Suisse Group increased their price target on shares of Kellogg from $76.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Seaport Global Securities began coverage on shares of Kellogg in a research report on Tuesday, July 28th. They set a “buy” rating and a $76.00 price target for the company. Finally, Goldman Sachs Group cut shares of Kellogg from a “buy” rating to a “neutral” rating and increased their price target for the company from $71.00 to $73.00 in a research report on Thursday, July 30th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $71.63.
Kellogg (NYSE:K) last posted its earnings results on Thursday, July 30th. The company reported $1.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.30. The firm had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a net margin of 8.09% and a return on equity of 43.36%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $1.01 EPS. Equities analysts forecast that Kellogg will post 3.96 EPS for the current fiscal year.
In related news, SVP Alistair D. Hirst sold 7,500 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $69.15, for a total value of $518,625.00. Following the completion of the transaction, the senior vice president now directly owns 4,738 shares in the company, valued at approximately $327,632.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $67.48, for a total transaction of $6,748,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 557,500 shares of company stock valued at $37,348,289. 1.10% of the stock is owned by company insiders.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal 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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