Vanguard Group Inc Boosts Stake in Kellogg (K)

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Vanguard Group Inc boosted its stake in Kellogg (NYSE:K) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,245,966 shares of the company’s stock after acquiring an additional 696,685 shares during the period. Vanguard Group Inc owned 6.12% of Kellogg worth $1,487,643,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of K. Bank of New York Mellon Corp increased its position in Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock valued at $372,017,000 after acquiring an additional 1,076,748 shares during the period. Artisan Partners Limited Partnership acquired a new position in Kellogg in the 2nd quarter valued at about $65,600,000. Millennium Management LLC increased its position in Kellogg by 61.8% in the 2nd quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock valued at $168,958,000 after acquiring an additional 923,365 shares during the period. Putnam Investments LLC increased its position in Kellogg by 25,701.7% in the 2nd quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock valued at $59,509,000 after acquiring an additional 848,412 shares during the period. Finally, Morgan Stanley increased its position in Kellogg by 70.2% in the 3rd quarter. Morgan Stanley now owns 1,730,012 shares of the company’s stock valued at $121,137,000 after acquiring an additional 713,311 shares during the period. Hedge funds and other institutional investors own 86.70% of the company’s stock.

Shares of K stock traded up $0.44 on Wednesday, reaching $59.29. 32,072 shares of the stock were exchanged, compared to its average volume of 2,535,744. The company has a market cap of $20.55 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 2.22 and a beta of 0.51. The company has a quick ratio of 0.52, a current ratio of 0.84 and a debt-to-equity ratio of 2.41. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.98.

Kellogg (NYSE:K) last released its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.03 earnings per share. As a group, analysts expect that Kellogg will post 4.31 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Monday, December 3rd were issued a $0.56 dividend. The ex-dividend date of this dividend was Friday, November 30th. This represents a $2.24 annualized dividend and a yield of 3.78%. Kellogg’s dividend payout ratio is currently 55.45%.

In other Kellogg news, CFO Fareed A. Khan bought 8,190 shares of the stock in a transaction dated Tuesday, November 20th. The stock was bought at an average cost of $62.14 per share, for a total transaction of $508,926.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the firm’s 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 485,000 shares of company stock valued at $31,489,800. 1.40% of the stock is owned by insiders.

Several equities analysts have issued reports on the company. Buckingham Research dropped their target price on Kellogg from $77.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, November 14th. Citigroup dropped their target price on Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, November 14th. Credit Suisse Group dropped their target price on Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a research report on Wednesday, November 14th. Deutsche Bank set a $66.00 target price on Kellogg and gave the stock a “hold” rating in a research report on Wednesday, November 14th. Finally, BMO Capital Markets boosted their target price on Kellogg to $70.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 14th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $70.22.

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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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