Gateway Investment Advisers LLC Lowers Stock Holdings in Kellogg (NYSE:K)

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Gateway Investment Advisers LLC decreased its position in shares of Kellogg (NYSE:K) by 61.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,310 shares of the company’s stock after selling 6,854 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Kellogg were worth $277,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Van ECK Associates Corp increased its holdings in Kellogg by 19.2% in the 2nd quarter. Van ECK Associates Corp now owns 1,074,756 shares of the company’s stock valued at $57,575,000 after acquiring an additional 172,959 shares during the last quarter. Advisory Services Network LLC increased its holdings in Kellogg by 6.4% in the 1st quarter. Advisory Services Network LLC now owns 4,699 shares of the company’s stock valued at $270,000 after acquiring an additional 284 shares during the last quarter. InterOcean Capital LLC bought a new stake in Kellogg in the 2nd quarter valued at $663,000. Point72 Hong Kong Ltd increased its holdings in Kellogg by 70.7% in the 2nd quarter. Point72 Hong Kong Ltd now owns 8,554 shares of the company’s stock valued at $458,000 after acquiring an additional 3,542 shares during the last quarter. Finally, Everett Harris & Co. CA increased its holdings in Kellogg by 16.0% in the 2nd quarter. Everett Harris & Co. CA now owns 9,025 shares of the company’s stock valued at $483,000 after acquiring an additional 1,245 shares during the last quarter. Institutional investors own 88.49% of the company’s stock.

Kellogg stock opened at $61.94 on Monday. The stock has a market cap of $21.18 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 4.60 and a beta of 0.53. The company has a debt-to-equity ratio of 2.67, a current ratio of 0.70 and a quick ratio of 0.46. Kellogg has a 1 year low of $51.34 and a 1 year high of $72.98. The firm has a 50-day moving average of $63.17 and a two-hundred day moving average of $59.07.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.08. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Kellogg had a net margin of 6.28% and a return on equity of 41.91%. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 EPS. Research analysts expect that Kellogg will post 3.87 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.68%. Kellogg’s payout ratio is presently 52.66%.

K has been the topic of a number of research reports. Buckingham Research lifted their price target on shares of Kellogg from $67.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Canaccord Genuity restated an “average” rating on shares of Kellogg in a report on Tuesday, June 25th. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating and set a $68.00 target price on the stock. in a report on Tuesday, October 1st. GMP Securities restated a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Finally, Consumer Edge downgraded shares of Kellogg from an “equal weight” rating to an “underweight” rating and set a $49.00 target price on the stock. in a report on Monday, June 24th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $64.22.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $63.22, for a total value of $6,322,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 500,000 shares of company stock valued at $31,409,000 in the last ninety days. Corporate insiders own 0.09% of the company’s stock.

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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