Occidental Asset Management LLC Raises Stock Holdings in Kellogg (NYSE:K)

Occidental Asset Management LLC raised its position in Kellogg (NYSE:K) by 21.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 9,066 shares of the company’s stock after purchasing an additional 1,603 shares during the period. Occidental Asset Management LLC’s holdings in Kellogg were worth $486,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Sigma Planning Corp raised its stake in shares of Kellogg by 72.6% during the second quarter. Sigma Planning Corp now owns 12,026 shares of the company’s stock worth $644,000 after purchasing an additional 5,059 shares during the last quarter. Stephens Inc. AR raised its stake in shares of Kellogg by 4.0% during the second quarter. Stephens Inc. AR now owns 12,020 shares of the company’s stock worth $644,000 after purchasing an additional 459 shares during the last quarter. Coastal Investment Advisors Inc. raised its stake in shares of Kellogg by 117.4% during the second quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock worth $30,000 after purchasing an additional 304 shares during the last quarter. Westpac Banking Corp grew its holdings in Kellogg by 1.2% during the second quarter. Westpac Banking Corp now owns 82,390 shares of the company’s stock worth $4,414,000 after acquiring an additional 1,000 shares during the period. Finally, United Asset Strategies Inc. grew its holdings in Kellogg by 18.2% during the second quarter. United Asset Strategies Inc. now owns 13,321 shares of the company’s stock worth $714,000 after acquiring an additional 2,049 shares during the period. Institutional investors own 87.40% of the company’s stock.

Kellogg stock traded up $2.08 during trading hours on Thursday, hitting $63.63. The stock had a trading volume of 181,239 shares, compared to its average volume of 3,182,342. The company has a quick ratio of 0.46, a current ratio of 0.70 and a debt-to-equity ratio of 2.67. The company has a market cap of $20.96 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 3.52 and a beta of 0.61. Kellogg has a 1-year low of $51.34 and a 1-year high of $74.98. The firm has a fifty day simple moving average of $57.73.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Friday, August 30th. This represents a $2.28 annualized dividend and a yield of 3.58%. Kellogg’s dividend payout ratio is 51.73%.

A number of brokerages recently weighed in on K. Morgan Stanley upped their price objective on Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Guggenheim upped their price objective on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. GMP Securities reaffirmed a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. ValuEngine raised Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Barclays set a $62.00 price objective on Kellogg and gave the stock a “sell” rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company. The company currently 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 company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $61.51, for a total value of $6,151,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 600,000 shares of company stock worth $33,914,000 in the last three months. 0.09% of the stock is owned by corporate insiders.

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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