Zhang Financial LLC Sells 934 Shares of Kellogg (NYSE:K)

Zhang Financial LLC lessened its holdings in shares of Kellogg (NYSE:K) by 6.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,979 shares of the company’s stock after selling 934 shares during the quarter. Zhang Financial LLC’s holdings in Kellogg were worth $749,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Penserra Capital Management LLC purchased a new position in Kellogg during the 1st quarter valued at approximately $40,000. Acima Private Wealth LLC grew its holdings in Kellogg by 90.6% during the 1st quarter. Acima Private Wealth LLC now owns 852 shares of the company’s stock valued at $49,000 after buying an additional 405 shares in the last quarter. Farmers National Bank purchased a new position in Kellogg during the 1st quarter valued at approximately $78,000. Nelson Roberts Investment Advisors LLC grew its holdings in Kellogg by 102.3% during the 1st quarter. Nelson Roberts Investment Advisors LLC now owns 1,416 shares of the company’s stock valued at $81,000 after buying an additional 716 shares in the last quarter. Finally, American National Bank purchased a new position in shares of Kellogg in the 1st quarter worth approximately $83,000. 87.33% of the stock is currently owned by institutional investors.

K traded down $0.23 during trading hours on Friday, reaching $63.40. 3,324,033 shares of the company’s stock traded hands, compared to its average volume of 2,492,948. The company’s 50-day moving average price is $56.21. Kellogg has a 52-week low of $51.34 and a 52-week high of $74.98. 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 firm has a market capitalization of $19.82 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 3.35 and a beta of 0.61.

Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.08. Kellogg had a return on equity of 43.13% and a net margin of 8.59%. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the previous year, the business earned $1.14 EPS. Kellogg’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts forecast that Kellogg will post 3.87 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.60%. This is a boost from Kellogg’s previous quarterly dividend of $0.56. Kellogg’s payout ratio is presently 51.73%.

A number of brokerages have recently commented on K. GMP Securities reiterated a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Piper Jaffray Companies dropped 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. ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a report on Thursday. Zacks Investment Research cut Kellogg from a “hold” rating to a “sell” rating and set a $67.00 target price for the company. in a report on Friday. Finally, Morgan Stanley lifted their target price on Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company’s stock. Kellogg has a consensus rating of “Hold” and a consensus price target of $63.31.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, May 20th. The stock was sold at an average price of $56.58, for a total transaction of $5,658,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 600,000 shares of company stock valued at $33,544,000. 0.09% of the stock is owned by company insiders.

About Kellogg

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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