Gateway Investment Advisers LLC Sells 991 Shares of Kellogg (NYSE:K)

Gateway Investment Advisers LLC lowered its stake in shares of Kellogg (NYSE:KGet Rating) by 5.5% during the 2nd quarter, according to its most recent filing with the SEC. The firm 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Allianz Asset Management GmbH lifted its stake in shares of Kellogg by 14.1% in the 4th quarter. Allianz Asset Management GmbH now owns 21,348 shares of the company’s stock worth $1,375,000 after purchasing an additional 2,633 shares during the period. Invesco Ltd. lifted its stake in shares of Kellogg by 13.0% in the 4th quarter. Invesco Ltd. now owns 4,834,776 shares of the company’s stock worth $311,457,000 after purchasing an additional 554,607 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Kellogg by 12.3% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 129,251 shares of the company’s stock worth $8,327,000 after purchasing an additional 14,174 shares during the period. Nissay Asset Management Corp Japan ADV lifted its stake in shares of Kellogg by 4.7% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 27,938 shares of the company’s stock worth $1,800,000 after purchasing an additional 1,266 shares during the period. Finally, Quantitative Investment Management LLC bought a new position in shares of Kellogg in the 4th quarter worth approximately $207,000. Institutional investors own 84.51% of the company’s stock.

Kellogg Trading Up 1.0 %

Shares of K opened at $73.61 on Friday. 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. The company has a 50 day simple moving average of $73.42 and a two-hundred day simple moving average of $69.91. The firm has a market cap of $25.04 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 4.31 and a beta of 0.43.

Kellogg (NYSE:KGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the firm posted $1.14 EPS. The company’s revenue was up 8.7% on a year-over-year basis. On average, equities analysts expect that Kellogg will post 4.12 earnings per share for the current fiscal year.

Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.59 dividend. The ex-dividend date was Wednesday, August 31st. This is a positive change 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 (DPR) is 54.50%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on K shares. Credit Suisse Group increased their price objective on shares of Kellogg to $72.00 in a research note on Tuesday, August 9th. UBS Group cut shares of Kellogg from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. JPMorgan Chase & Co. restated an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Citigroup raised their target price on shares of Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, June 22nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Kellogg has a consensus rating of “Hold” and an average target price of $71.20.

Insider Activity at Kellogg

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $75.81, for a total value of $11,079,858.93. Following the completion of the transaction, the insider now directly owns 56,731,838 shares of the company’s stock, valued at $4,300,840,638.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Kellogg news, Vice Chairman Gary H. Pilnick sold 113,725 shares of Kellogg stock in a transaction on Friday, August 26th. The shares were sold at an average price of $74.88, for a total transaction of $8,515,728.00. Following the completion of the transaction, the insider now directly owns 1,275 shares of the company’s stock, valued at $95,472. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $75.81, for a total transaction of $11,079,858.93. Following the transaction, the insider now directly owns 56,731,838 shares of the company’s stock, valued at $4,300,840,638.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 996,199 shares of company stock valued at $73,257,333. 1.40% of the stock is owned by corporate 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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