Keybank National Association OH Cuts Stake in Kellogg (NYSE:K)

Keybank National Association OH trimmed its stake in Kellogg (NYSE:K) by 0.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,924,526 shares of the company’s stock after selling 95,865 shares during the period. Kellogg accounts for about 7.8% of Keybank National Association OH’s investment portfolio, making the stock its biggest holding. Keybank National Association OH owned about 7.32% of Kellogg worth $1,335,207,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of K. Dimensional Fund Advisors LP lifted its stake in shares of Kellogg by 27.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,433,186 shares of the company’s stock valued at $81,709,000 after purchasing an additional 311,940 shares during the period. Geode Capital Management LLC lifted its stake in Kellogg by 11.6% in the 4th quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock valued at $200,178,000 after purchasing an additional 364,719 shares during the last quarter. 6 Meridian lifted its stake in Kellogg by 15.9% in the 1st quarter. 6 Meridian now owns 8,088 shares of the company’s stock valued at $464,000 after purchasing an additional 1,109 shares during the last quarter. Calamos Advisors LLC lifted its stake in Kellogg by 1.0% in the 1st quarter. Calamos Advisors LLC now owns 74,003 shares of the company’s stock valued at $4,246,000 after purchasing an additional 741 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new stake in Kellogg during the first quarter worth approximately $373,000. 87.40% of the stock is owned by hedge funds and other institutional investors.

K stock traded up $0.75 on Tuesday, reaching $62.37. 19,191 shares of the company’s stock were exchanged, compared to its average volume of 3,180,991. The company has a fifty day moving average of $57.45. Kellogg has a twelve month low of $51.34 and a twelve month high of $74.98. The company has a market cap of $21.17 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 3.55 and a beta of 0.61. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.46 and a current ratio of 0.70.

Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The business had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the company earned $1.14 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, equities research analysts forecast that Kellogg will post 3.89 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.66%. This is an increase from Kellogg’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, August 30th. Kellogg’s dividend payout ratio (DPR) is 51.73%.

A number of analysts have weighed in on the stock. Guggenheim boosted their target price on shares of Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Zacks Investment Research downgraded shares of Kellogg from a “hold” rating to a “sell” rating and set a $67.00 price objective for the company. in a research report on Friday, August 2nd. Consumer Edge downgraded shares of Kellogg from an “equal weight” rating to an “underweight” rating and set a $49.00 target price for the company. in a research report on Monday, June 24th. GMP Securities restated a “buy” rating on shares of Kellogg in a research note on Thursday, July 11th. Finally, Morgan Stanley increased their target price on shares of Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $63.47.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $61.51, for a total transaction of $6,151,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 600,000 shares of company stock valued at $33,914,000. Insiders own 0.09% of the company’s stock.

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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