1ST Source Bank lowered its stake in shares of Kellogg Co. (NYSE:K) by 12.4% during the second quarter, Holdings Channel reports. The fund owned 5,607 shares of the company’s stock after selling 795 shares during the period. 1ST Source Bank’s holdings in Kellogg were worth $458,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Legal & General Group Plc boosted its position in Kellogg by 1.1% in the first quarter. Legal & General Group Plc now owns 1,227,613 shares of the company’s stock valued at $93,976,000 after buying an additional 13,164 shares in the last quarter. Retirement Systems of Alabama boosted its position in Kellogg by 42.2% in the second quarter. Retirement Systems of Alabama now owns 182,526 shares of the company’s stock valued at $14,903,000 after buying an additional 54,123 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Kellogg during the first quarter valued at $75,899,000. Shell Asset Management Co. boosted its position in Kellogg by 8.5% in the second quarter. Shell Asset Management Co. now owns 234,423 shares of the company’s stock valued at $19,141,000 after buying an additional 18,316 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. boosted its position in Kellogg by 10.7% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,556,538 shares of the company’s stock valued at $160,459,000 after buying an additional 246,616 shares in the last quarter. 81.73% of the stock is currently owned by institutional investors.
Shares of Kellogg Co. (NYSE:K) traded down 0.28% during midday trading on Monday, reaching $75.28. The company had a trading volume of 787,901 shares. The firm has a market capitalization of $26.37 billion, a price-to-earnings ratio of 43.07 and a beta of 0.47. The stock has a 50-day moving average of $78.40 and a 200 day moving average of $78.71. Kellogg Co. has a 52 week low of $64.65 and a 52 week high of $87.16.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.91. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.37 billion. Kellogg had a return on equity of 56.33% and a net margin of 4.71%. Kellogg’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 earnings per share. On average, analysts anticipate that Kellogg Co. will post $0.11 earnings per share for the current year.
A number of brokerages have recently commented on K. Credit Suisse Group AG upped their price target on Kellogg from $84.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, July 21st. Argus reaffirmed a “hold” rating on shares of Kellogg in a research report on Friday, August 5th. BMO Capital Markets reaffirmed a “market perform” rating and set a $85.00 price target on shares of Kellogg in a research report on Monday, August 8th. RBC Capital Markets reaffirmed a “sector perform” rating and set a $86.00 price target (up previously from $82.00) on shares of Kellogg in a research report on Friday, August 5th. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Kellogg in a research report on Saturday, August 6th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $81.65.
In other news, CFO Ronald L. Dissinger sold 6,000 shares of the business’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $83.71, for a total value of $502,260.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman John A. Bryant sold 259,500 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $83.41, for a total value of $21,644,895.00. The disclosure for this sale can be found here. Corporate insiders own 8.80% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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