Bridge Creek Capital Management LLC raised its position in shares of Kellogg Company (NYSE:K) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,378 shares of the company’s stock after buying an additional 750 shares during the period. Bridge Creek Capital Management LLC’s holdings in Kellogg were worth $2,666,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in K. Vanguard Group Inc. increased its position in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after buying an additional 1,248,613 shares during the period. BlackRock Inc. increased its position in Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock worth $1,464,385,000 after buying an additional 19,484,390 shares during the period. State Street Corp increased its position in Kellogg by 1.4% in the first quarter. State Street Corp now owns 11,534,453 shares of the company’s stock worth $837,528,000 after buying an additional 154,732 shares during the period. Lazard Asset Management LLC boosted its stake in Kellogg by 2.5% in the first quarter. Lazard Asset Management LLC now owns 4,039,520 shares of the company’s stock worth $293,308,000 after buying an additional 97,233 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock worth $229,273,000 after buying an additional 1,336,400 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.
Shares of Kellogg Company (NYSE:K) opened at 70.11 on Tuesday. The company’s 50-day moving average price is $68.54 and its 200 day moving average price is $71.70. Kellogg Company has a 52 week low of $65.32 and a 52 week high of $84.28. The company has a market cap of $24.56 billion, a P/E ratio of 31.72 and a beta of 0.50.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that Kellogg Company will post $3.98 earnings per share for the current fiscal year.
The firm also recently disclosed 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. This represents a $2.16 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
A number of research firms have recently commented on K. UBS AG reissued a “neutral” rating and issued a $72.00 target price (down from $76.00) on shares of Kellogg in a research note on Tuesday, July 18th. BMO Capital Markets dropped their price objective on Kellogg from $85.00 to $78.00 and set a “market perform” rating on the stock in a research report on Friday. Royal Bank Of Canada dropped their price objective on Kellogg from $81.00 to $79.00 and set a “sector perform” rating on the stock in a research report on Tuesday, August 1st. Credit Suisse Group dropped their price objective on Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research report on Monday, May 15th. Finally, TheStreet raised Kellogg from a “c+” rating to a “b+” rating in a research report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $74.67.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.
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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