NN Investment Partners Holdings N.V. increased its position in shares of Kellogg (NYSE:K) by 33.3% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 800 shares of the company’s stock after buying an additional 200 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Kellogg were worth $53,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Bay Harbor Wealth Management LLC bought a new stake in shares of Kellogg in the 1st quarter worth about $29,000. Citizens Financial Group Inc RI increased its position in shares of Kellogg by 229.4% in the 1st quarter. Citizens Financial Group Inc RI now owns 639 shares of the company’s stock worth $38,000 after purchasing an additional 445 shares during the last quarter. Ellevest Inc. increased its position in shares of Kellogg by 63.3% in the 1st quarter. Ellevest Inc. now owns 733 shares of the company’s stock worth $44,000 after purchasing an additional 284 shares during the last quarter. Capital Square LLC bought a new stake in shares of Kellogg during the 1st quarter valued at about $46,000. Finally, Trustcore Financial Services LLC bought a new stake in shares of Kellogg during the 1st quarter valued at about $48,000. 84.43% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $67.48, for a total value of $6,748,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 400,000 shares of company stock worth $26,766,000 over the last quarter. Insiders own 1.10% of the company’s stock.
Shares of NYSE:K opened at $68.99 on Friday. The company has a 50 day moving average of $66.92 and a 200-day moving average of $65.16. The firm has a market cap of $23.64 billion, a P/E ratio of 21.76, a P/E/G ratio of 4.65 and a beta of 0.57. Kellogg has a twelve month low of $52.66 and a twelve month high of $72.88. The company has a current ratio of 0.77, a quick ratio of 0.55 and a debt-to-equity ratio of 2.19.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.31 billion. Kellogg had a net margin of 8.09% and a return on equity of 43.36%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 EPS. Equities research analysts forecast that Kellogg will post 3.96 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued 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 currently 57.87%.
A number of equities research analysts recently weighed in on K shares. Morgan Stanley boosted their price objective on shares of Kellogg from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday. Goldman Sachs Group downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $71.00 to $73.00 in a research report on Thursday. Royal Bank of Canada reaffirmed a “hold” rating and set a $69.00 price objective on shares of Kellogg in a research report on Tuesday, July 28th. Zacks Investment Research raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Wednesday. Finally, Sanford C. Bernstein downgraded shares of Kellogg from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $64.00 to $55.00 in a research report on Thursday, June 11th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target 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.
Further Reading: Limitations of the P/E Growth ratio
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