Gateway Investment Advisers LLC Cuts Holdings in Kellogg (NYSE:K)

Gateway Investment Advisers LLC lessened its stake in Kellogg (NYSE:KGet Rating) by 5.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,159 shares of the company’s stock after selling 991 shares during the period. Gateway Investment Advisers LLC’s holdings in Kellogg were worth $1,224,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of K. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Kellogg by 2.3% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company’s stock worth $17,563,000 after acquiring an additional 6,100 shares during the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Kellogg in the 1st quarter worth approximately $1,949,000. IFM Investors Pty Ltd lifted its holdings in shares of Kellogg by 13.6% in the 1st quarter. IFM Investors Pty Ltd now owns 39,585 shares of the company’s stock worth $2,553,000 after acquiring an additional 4,751 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of Kellogg in the 4th quarter worth approximately $420,000. Finally, Wetherby Asset Management Inc. lifted its holdings in shares of Kellogg by 8.0% in the 4th quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company’s stock worth $283,000 after acquiring an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 84.51% of the company’s stock.

Kellogg Stock Up 1.0 %

NYSE:K opened at $73.61 on Friday. The firm’s 50-day moving average price is $73.42 and its 200-day moving average price is $69.91. The company has a market capitalization of $25.04 billion, a PE ratio of 17.00, a P/E/G ratio of 4.31 and a beta of 0.43. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.70 and a quick ratio of 0.43. Kellogg has a 1-year low of $59.54 and a 1-year high of $76.99.

Kellogg (NYSE:KGet Rating) last released its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.13. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.64 billion. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 EPS. On average, equities analysts predict that Kellogg will post 4.12 EPS for the current fiscal year.

Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a $0.59 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This is an increase from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.21%. Kellogg’s dividend payout ratio is currently 54.50%.

Wall Street Analyst Weigh In

A number of research firms recently commented on K. Morgan Stanley upped their price target on shares of Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, July 14th. Credit Suisse Group upped their price target on shares of Kellogg to $72.00 in a report on Tuesday, August 9th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $67.00 price target (up from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Citigroup upped their price target on shares of Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, June 22nd. Finally, UBS Group lowered shares of Kellogg from a “buy” rating to a “neutral” rating and lowered their price target for the company from $81.00 to $74.00 in a report on Thursday, July 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Kellogg currently has an average rating of “Hold” and a consensus price target of $71.20.

Insider Activity at Kellogg

In related news, CFO Amit Banati sold 6,960 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $74.00, for a total transaction of $515,040.00. Following the sale, the chief financial officer now directly owns 52,772 shares of the company’s stock, valued at approximately $3,905,128. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $70.76, for a total transaction of $10,341,786.28. Following the transaction, the insider now owns 57,024,144 shares in the company, valued at approximately $4,035,028,429.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Amit Banati sold 6,960 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $74.00, for a total transaction of $515,040.00. Following the transaction, the chief financial officer now owns 52,772 shares in the company, valued at approximately $3,905,128. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 996,199 shares of company stock valued at $73,257,333. 1.40% of the stock is owned by insiders.

About Kellogg

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

See Also

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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