Fairfield Bush & CO. continued to hold its position in Kellogg Company (NYSE:K) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,300 shares of the company’s stock at the end of the second quarter. Fairfield Bush & CO.’s holdings in Kellogg were worth $229,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Capital Research Global Investors raised its position in Kellogg by 54.7% in the second quarter. Capital Research Global Investors now owns 24,031,728 shares of the company’s stock worth $1,669,244,000 after acquiring an additional 8,495,714 shares during the period. Vanguard Group Inc. raised its position in Kellogg by 0.3% in the second quarter. Vanguard Group Inc. now owns 20,330,268 shares of the company’s stock worth $1,412,139,000 after acquiring an additional 56,284 shares during the period. BlackRock Inc. raised 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 acquiring an additional 19,484,390 shares during the period. State Street Corp raised 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 acquiring an additional 154,732 shares during the period. Finally, Lazard Asset Management LLC raised its position in Kellogg by 94.3% in the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock worth $545,047,000 after acquiring an additional 3,807,425 shares during the period. 85.40% of the stock is currently owned by institutional investors.
Several brokerages have commented on K. Bank of America Corporation reaffirmed an “underperform” rating and issued a $66.00 price objective (down previously from $72.00) on shares of Kellogg in a research report on Monday. Piper Jaffray Companies lowered shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Tuesday, September 19th. BMO Capital Markets reissued a “hold” rating and issued a $78.00 price target on shares of Kellogg in a research report on Wednesday, September 6th. Deutsche Bank AG reissued a “hold” rating and issued a $74.00 price target (up previously from $71.00) on shares of Kellogg in a research report on Wednesday, August 9th. Finally, Royal Bank Of Canada boosted their price target on shares of Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research report on Monday, August 7th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.73.
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Kellogg (NYSE:K) last issued its quarterly earnings data 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. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the business earned $0.91 EPS. The business’s quarterly revenue was down 2.5% on a year-over-year basis. Analysts predict that Kellogg Company will post $3.98 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.54 per share. This is a boost from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.51%. Kellogg’s dividend payout ratio (DPR) is presently 97.74%.
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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