Mid Atlantic Financial Management Inc. ADV Makes New $213,000 Investment in Kellogg (NYSE:K)

Mid Atlantic Financial Management Inc. ADV Makes New $213,000 Investment in Kellogg (NYSE:K)

  • August 27, 2020
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Mid Atlantic Financial Management Inc. ADV purchased a new position in Kellogg (NYSE:K) during the second quarter, Holdings Channel reports. The fund purchased 3,228 shares of the company’s stock, valued at approximately $213,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its position in Kellogg by 0.8% in the first quarter. State Street Corp now owns 13,680,630 shares of the company’s stock worth $820,701,000 after buying an additional 113,082 shares in the last quarter. Capital World Investors increased its stake in shares of Kellogg by 5.9% in the 1st quarter. Capital World Investors now owns 12,601,709 shares of the company’s stock valued at $755,977,000 after purchasing an additional 700,000 shares in the last quarter. Wellington Management Group LLP increased its stake in Kellogg by 13.7% during the 1st quarter. Wellington Management Group LLP now owns 5,747,463 shares of the company’s stock worth $344,790,000 after buying an additional 692,620 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Kellogg by 2.5% in the first quarter. Bank of New York Mellon Corp now owns 2,235,832 shares of the company’s stock valued at $134,127,000 after purchasing an additional 53,734 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Kellogg by 2.7% in the first quarter. Legal & General Group Plc now owns 1,816,150 shares of the company’s stock valued at $109,028,000 after acquiring an additional 47,047 shares during the last quarter. 84.43% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Kellogg stock opened at $70.11 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.77 and a debt-to-equity ratio of 2.19. The stock has a market capitalization of $24.04 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 2.96 and a beta of 0.57. Kellogg has a 12-month low of $52.66 and a 12-month high of $72.88. The company has a 50-day simple moving average of $68.31 and a 200 day simple moving average of $65.09.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.30. Kellogg had a net margin of 8.09% and a return on equity of 43.36%. The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter last year, the firm earned $1.01 EPS. Kellogg’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, equities analysts anticipate that Kellogg will post 3.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $2.28 annualized dividend and a dividend yield of 3.25%. Kellogg’s dividend payout ratio is currently 57.87%.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $66.52, for a total transaction of $6,652,000.00. Also, SVP Alistair D. Hirst sold 7,500 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $69.15, for a total transaction of $518,625.00. Following the sale, the senior vice president now directly owns 4,738 shares of the company’s stock, valued at approximately $327,632.70. The disclosure for this sale can be found here. Over the last quarter, insiders sold 507,500 shares of company stock worth $34,183,625. Corporate insiders own 1.10% of the company’s stock.

A number of research firms recently issued reports on K. Jefferies Financial Group reissued a “hold” rating and set a $71.00 price target on shares of Kellogg in a report on Monday, May 4th. Credit Suisse Group lifted their target price on shares of Kellogg from $76.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Consumer Edge upgraded shares of Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price objective on the stock in a report on Friday, May 1st. Seaport Global Securities began coverage on shares of Kellogg in a research report on Tuesday, July 28th. They issued a “buy” rating and a $76.00 target price for the company. Finally, ValuEngine downgraded shares of Kellogg from a “hold” rating to a “sell” rating in a research report on Thursday, June 4th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $71.13.

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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