Pacer Advisors Inc. increased its holdings in Kellogg (NYSE:K) by 3,386.9% in the second quarter, HoldingsChannel.com reports. The fund owned 35,392 shares of the company’s stock after acquiring an additional 34,377 shares during the period. Pacer Advisors Inc.’s holdings in Kellogg were worth $2,338,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. State Street Corp lifted its position in Kellogg by 0.8% during the first quarter. State Street Corp now owns 13,680,630 shares of the company’s stock valued at $820,701,000 after buying an additional 113,082 shares during the period. Capital World Investors increased its holdings in shares of Kellogg by 5.9% during the first quarter. Capital World Investors now owns 12,601,709 shares of the company’s stock valued at $755,977,000 after acquiring an additional 700,000 shares in the last quarter. Wellington Management Group LLP increased its holdings in Kellogg by 13.7% in the 1st quarter. Wellington Management Group LLP now owns 5,747,463 shares of the company’s stock worth $344,790,000 after buying an additional 692,620 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Kellogg by 2.5% in the 1st quarter. Bank of New York Mellon Corp now owns 2,235,832 shares of the company’s stock worth $134,127,000 after buying an additional 53,734 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Kellogg by 2.7% in the 1st quarter. Legal & General Group Plc now owns 1,816,150 shares of the company’s stock worth $109,028,000 after buying an additional 47,047 shares in the last quarter. 84.43% of the stock is owned by institutional investors.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, July 20th. The stock was sold at an average price of $67.48, for a total value of $6,748,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 400,000 shares of company stock valued at $26,766,000. 1.10% of the stock is currently owned by company insiders.
Shares of Kellogg stock opened at $68.99 on Friday. Kellogg has a one year low of $52.66 and a one year high of $72.88. The company has a market cap of $23.64 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 4.55 and a beta of 0.57. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.55 and a current ratio of 0.77. The business’s 50 day moving average price is $66.92 and its 200 day moving average price is $65.16.
Kellogg (NYSE:K) last posted its earnings results on Thursday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.30. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a return on equity of 43.36% and a net margin of 8.09%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.01 earnings per share. On average, analysts predict that Kellogg will post 3.93 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a $0.57 dividend. The ex-dividend date is Monday, August 31st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.30%. Kellogg’s payout ratio is presently 57.87%.
Several brokerages have issued reports on K. Goldman Sachs Group cut Kellogg from a “buy” rating to a “neutral” rating and raised their target price for the stock from $71.00 to $73.00 in a research report on Thursday. Consumer Edge raised Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price target on the stock in a report on Friday, May 1st. Sanford C. Bernstein cut Kellogg from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $64.00 to $55.00 in a report on Thursday, June 11th. Zacks Investment Research raised Kellogg from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Wednesday. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $71.00 price objective on shares of Kellogg in a research note on Monday, May 4th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $70.24.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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