Kellogg (NYSE:K) Shares Sold by State of Tennessee Treasury Department

State of Tennessee Treasury Department trimmed its holdings in shares of Kellogg (NYSE:K) by 4.3% in the 1st quarter, reports. The institutional investor owned 62,817 shares of the company’s stock after selling 2,830 shares during the period. State of Tennessee Treasury Department’s holdings in Kellogg were worth $3,604,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in K. Bruderman Asset Management LLC grew its holdings in Kellogg by 275.0% in the 4th quarter. Bruderman Asset Management LLC now owns 435 shares of the company’s stock valued at $25,000 after buying an additional 319 shares in the last quarter. Acima Private Wealth LLC purchased a new position in shares of Kellogg during the 4th quarter worth $25,000. Murphy Pohlad Asset Management LLC purchased a new position in shares of Kellogg during the 4th quarter worth $28,000. ERTS Wealth Advisors LLC purchased a new position in shares of Kellogg during the 4th quarter worth $34,000. Finally, Capital Financial Planning LLC purchased a new position in shares of Kellogg during the 4th quarter worth $34,000. 87.21% of the stock is owned by institutional investors and hedge funds.

Shares of Kellogg stock opened at $56.61 on Friday. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.68 and a quick ratio of 0.41. The stock has a market cap of $19.14 billion, a P/E ratio of 13.07, a PEG ratio of 3.22 and a beta of 0.64. Kellogg has a 12 month low of $51.34 and a 12 month high of $74.98.

Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.53 billion. Kellogg had a return on equity of 43.13% and a net margin of 8.59%. Kellogg’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 EPS. As a group, equities analysts expect that Kellogg will post 3.88 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date 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, April 10th. The stock was sold at an average price of $57.17, for a total value of $5,717,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 600,000 shares of company stock worth $33,937,000 in the last ninety days. 0.09% of the stock is owned by corporate insiders.

A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Kellogg from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a report on Saturday, May 11th. Piper Jaffray Companies lowered their target price on Kellogg from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Friday, April 5th. Finally, Morgan Stanley set a $56.00 target price on Kellogg and gave the company a “hold” rating in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $62.98.

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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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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