Public Employees Retirement Association of Colorado raised its position in shares of Kellogg (NYSE:K) by 6.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 47,242 shares of the company’s stock after purchasing an additional 2,686 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Kellogg were worth $2,711,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Acima Private Wealth LLC purchased a new position in Kellogg during the fourth quarter valued at approximately $25,000. Bruderman Asset Management LLC grew its position in Kellogg by 275.0% during the fourth quarter. Bruderman Asset Management LLC now owns 435 shares of the company’s stock valued at $25,000 after purchasing an additional 319 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in Kellogg by 5,672.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,568,573 shares of the company’s stock valued at $28,000 after purchasing an additional 1,541,399 shares in the last quarter. Murphy Pohlad Asset Management LLC purchased a new position in Kellogg during the fourth quarter valued at approximately $28,000. Finally, ERTS Wealth Advisors LLC purchased a new position in Kellogg during the fourth quarter valued at approximately $34,000. 87.22% of the stock is owned by hedge funds and other institutional investors.
Shares of K traded down $1.76 during trading hours on Wednesday, hitting $52.80. The stock had a trading volume of 3,865,992 shares, compared to its average volume of 2,078,623. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.41 and a current ratio of 0.68. Kellogg has a 52 week low of $53.14 and a 52 week high of $74.98. The firm has a market cap of $18.35 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 3.24 and a beta of 0.56.
Kellogg (NYSE:K) last posted its earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.06. Kellogg had a net margin of 8.59% and a return on equity of 43.13%. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Kellogg will post 3.88 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date of this dividend is Friday, May 31st. Kellogg’s dividend payout ratio is currently 51.73%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $54.44, for a total transaction of $5,444,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last three months, insiders have sold 600,000 shares of company stock worth $33,851,000. Insiders own 0.09% of the company’s stock.
Several analysts have commented on the stock. ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Saturday, May 11th. Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, May 7th. Piper Jaffray Companies reduced their price objective on shares of Kellogg from $69.00 to $64.00 and set an “overweight” rating for the company in a research note on Friday, April 5th. Morgan Stanley set a $56.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. Finally, Credit Suisse Group set a $54.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Saturday, February 9th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and an average target price of $62.98.
Kellogg Company Profile
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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