Oppenheimer & Co. Inc. trimmed its position in Kellogg (NYSE:K) by 31.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,039 shares of the company’s stock after selling 3,157 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Kellogg were worth $493,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in Kellogg by 4.2% in the 1st quarter. Principal Financial Group Inc. now owns 377,931 shares of the company’s stock valued at $24,570,000 after purchasing an additional 15,316 shares during the last quarter. Allianz Asset Management GmbH increased its stake in shares of Kellogg by 113.2% in the 1st quarter. Allianz Asset Management GmbH now owns 6,812 shares of the company’s stock worth $443,000 after acquiring an additional 58,391 shares during the last quarter. DnB Asset Management AS acquired a new stake in shares of Kellogg in the 2nd quarter worth $2,895,000. IFM Investors Pty Ltd increased its stake in shares of Kellogg by 45.5% in the 2nd quarter. IFM Investors Pty Ltd now owns 11,858 shares of the company’s stock worth $829,000 after acquiring an additional 3,706 shares during the last quarter. Finally, Capital Investment Advisors LLC increased its stake in shares of Kellogg by 9.1% in the 2nd quarter. Capital Investment Advisors LLC now owns 11,189 shares of the company’s stock worth $782,000 after acquiring an additional 931 shares during the last quarter. 88.95% of the stock is currently owned by institutional investors.
A number of brokerages have issued reports on K. Zacks Investment Research raised Kellogg from a “sell” rating to a “hold” rating in a research note on Thursday, October 25th. Buckingham Research cut their target price on Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. ValuEngine raised Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Royal Bank of Canada cut their target price on Kellogg to $72.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Finally, Piper Jaffray Companies cut their target price on Kellogg from $79.00 to $74.00 and set an “overweight” rating for the company in a research note on Thursday, November 1st. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $71.59.
Kellogg (NYSE:K) last released its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.03 earnings per share. As a group, equities analysts expect that Kellogg will post 4.31 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio is presently 55.45%.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total transaction of $14,292,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.40% of the company’s stock.
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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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