Folger Nolan Fleming Douglas Capital Management Inc. Sells 737 Shares of Kellogg (NYSE:K)

Folger Nolan Fleming Douglas Capital Management Inc. reduced its position in Kellogg (NYSE:KGet Rating) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,504 shares of the company’s stock after selling 737 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Kellogg were worth $2,676,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. raised its position in Kellogg by 4.1% in the 1st quarter. BlackRock Inc. now owns 26,845,929 shares of the company’s stock valued at $1,731,295,000 after buying an additional 1,054,740 shares during the last quarter. Vanguard Group Inc. raised its position in Kellogg by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock valued at $1,892,981,000 after buying an additional 646,828 shares during the last quarter. Invesco Ltd. raised its position in Kellogg by 13.0% in the 4th quarter. Invesco Ltd. now owns 4,834,776 shares of the company’s stock valued at $311,457,000 after buying an additional 554,607 shares during the last quarter. State Street Corp raised its position in Kellogg by 3.9% in the 4th quarter. State Street Corp now owns 14,326,500 shares of the company’s stock valued at $922,913,000 after buying an additional 544,280 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Kellogg by 30.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,672,876 shares of the company’s stock valued at $107,863,000 after buying an additional 394,434 shares during the last quarter. 84.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

K has been the subject of a number of analyst reports. Credit Suisse Group increased their price target on Kellogg to $72.00 in a research report on Tuesday, August 9th. UBS Group lowered Kellogg from a “buy” rating to a “neutral” rating and lowered their price target for the company from $81.00 to $74.00 in a research report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft decreased their target price on Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research report on Wednesday, June 22nd. Morgan Stanley raised their target price on Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Thursday, July 14th. Finally, Citigroup raised their target price on Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a research report on Wednesday, June 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $71.20.

Insiders Place Their Bets

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $70.76, for a total transaction of $10,341,786.28. Following the completion of the sale, the insider now owns 57,024,144 shares in the company, valued at approximately $4,035,028,429.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $70.76, for a total transaction of $10,341,786.28. Following the completion of the sale, the insider now owns 57,024,144 shares in the company, valued at approximately $4,035,028,429.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $71.12, for a total value of $7,112,000.00. Following the sale, the insider now owns 56,531,838 shares of the company’s stock, valued at approximately $4,020,544,318.56. The disclosure for this sale can be found here. Insiders sold a total of 996,199 shares of company stock worth $73,257,333 in the last quarter. 1.40% of the stock is owned by company insiders.

Kellogg Stock Performance

K traded down $1.36 during trading hours on Friday, hitting $72.25. The stock had a trading volume of 59,570 shares, compared to its average volume of 2,207,111. The company’s fifty day simple moving average is $73.42 and its 200 day simple moving average is $69.91. Kellogg has a 1 year low of $59.54 and a 1 year high of $76.99. The stock has a market cap of $24.57 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 4.31 and a beta of 0.43. The company has a quick ratio of 0.43, a current ratio of 0.70 and a debt-to-equity ratio of 1.28.

Kellogg (NYSE:KGet Rating) last issued its earnings results on Thursday, August 4th. The company reported $1.18 EPS for the quarter, topping the consensus estimate of $1.05 by $0.13. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the company earned $1.14 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. Equities analysts anticipate that Kellogg will post 4.12 earnings per share for the current year.

Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were paid a $0.59 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $2.36 annualized dividend and a yield of 3.27%. This is an increase from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is currently 54.50%.

About Kellogg

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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.

See Also

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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