Enterprise Financial Services Corp reduced its position in Kellogg Company (NYSE:K) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,202 shares of the company’s stock after selling 150 shares during the period. Enterprise Financial Services Corp’s holdings in Kellogg were worth $153,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. raised its position in shares of Kellogg by 2.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 875,643 shares of the company’s stock valued at $64,543,000 after buying an additional 18,768 shares during the period. Kentucky Retirement Systems purchased a new stake in Kellogg during the fourth quarter valued at about $1,351,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Kellogg during the fourth quarter valued at about $603,000. Highbridge Capital Management LLC purchased a new stake in Kellogg during the fourth quarter valued at about $3,315,000. Finally, Park National Corp OH purchased a new stake in Kellogg during the first quarter valued at about $301,000. 83.05% of the stock is currently owned by institutional investors.
Kellogg Company (K) traded down 0.21% during midday trading on Friday, hitting $69.95. The stock had a trading volume of 1,975,934 shares. Kellogg Company has a one year low of $65.32 and a one year high of $83.65. The firm has a 50 day moving average price of $67.92 and a 200 day moving average price of $71.45. The stock has a market cap of $24.14 billion, a PE ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the business posted $0.91 earnings per share. Equities analysts expect that Kellogg Company will post $3.98 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.54 dividend. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a yield of 3.09%. Kellogg’s dividend payout ratio (DPR) is 94.12%.
Several research firms have recently issued reports on K. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the stock a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada upped their target price on Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Monday, August 7th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the company a “buy” rating in a research report on Monday, August 7th. Credit Suisse Group decreased their price objective on Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, May 5th. Finally, Susquehanna Bancshares Inc reaffirmed a “neutral” rating and set a $80.00 price objective (down from $82.00) on shares of Kellogg in a research report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $74.50.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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