Kellogg (K) Position Trimmed by Benjamin F. Edwards & Company Inc.

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Benjamin F. Edwards & Company Inc. lowered its position in Kellogg (NYSE:K) by 10.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,013 shares of the company’s stock after selling 850 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Kellogg were worth $491,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. LFA Lugano Financial Advisors SA bought a new position in shares of Kellogg during the 2nd quarter valued at about $103,000. Integrated Investment Consultants LLC bought a new position in shares of Kellogg during the 2nd quarter valued at about $110,000. CSat Investment Advisory L.P. bought a new position in shares of Kellogg during the 2nd quarter valued at about $127,000. Fort L.P. bought a new position in shares of Kellogg during the 2nd quarter valued at about $127,000. Finally, Kiley Juergens Wealth Management LLC boosted its holdings in shares of Kellogg by 57.7% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 2,127 shares of the company’s stock valued at $148,000 after purchasing an additional 778 shares during the last quarter. 88.98% of the stock is owned by institutional investors.

Shares of NYSE:K opened at $65.48 on Thursday. The company has a quick ratio of 0.50, a current ratio of 0.82 and a debt-to-equity ratio of 2.57. Kellogg has a 12 month low of $56.40 and a 12 month high of $74.98. The stock has a market capitalization of $24.91 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.11 and a beta of 0.49.

Kellogg (NYSE:K) last announced its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the business posted $1.03 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts forecast that Kellogg will post 4.52 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s payout ratio is 55.45%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total value of $14,292,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 636,655 shares of company stock valued at $45,829,574. 1.40% of the stock is owned by insiders.

Several research analysts have commented on K shares. Buckingham Research increased their price objective on shares of Kellogg from $76.00 to $79.00 and gave the company a “buy” rating in a report on Friday, July 20th. ValuEngine raised shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Piper Jaffray Companies set a $79.00 price objective on shares of Kellogg and gave the company a “buy” rating in a report on Tuesday, October 16th. Morgan Stanley started coverage on shares of Kellogg in a report on Monday, September 17th. They set an “equal weight” rating and a $75.00 price objective for the company. Finally, Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. Kellogg has an average rating of “Hold” and an average target price of $72.71.

About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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