Tower Bridge Advisors Buys 1,338 Shares of Kellogg (K)

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Tower Bridge Advisors increased its stake in Kellogg (NYSE:K) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 64,788 shares of the company’s stock after purchasing an additional 1,338 shares during the quarter. Tower Bridge Advisors’ holdings in Kellogg were worth $4,527,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Swedbank bought a new stake in Kellogg during the second quarter valued at about $100,628,000. Bank of New York Mellon Corp raised its holdings in Kellogg by 25.3% during the second 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. American Century Companies Inc. raised its holdings in Kellogg by 30.5% during the first quarter. American Century Companies Inc. now owns 4,221,683 shares of the company’s stock valued at $274,452,000 after acquiring an additional 985,494 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Kellogg by 73.5% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,544,779 shares of the company’s stock valued at $100,427,000 after acquiring an additional 654,518 shares during the period. Finally, Bank of Montreal Can bought a new stake in Kellogg during the second quarter valued at about $36,398,000. 89.95% of the stock is currently owned by institutional investors.

In related news, SVP Amit Banati sold 1,992 shares of Kellogg stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $65.03, for a total value of $129,539.76. Following the completion of the transaction, the senior vice president now owns 19,619 shares in the company, valued at $1,275,823.57. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of Kellogg stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $71.20, for a total value of $10,680,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 778,647 shares of company stock valued at $53,870,364. 1.40% of the stock is currently owned by company insiders.

A number of equities research analysts have commented on K shares. Credit Suisse Group set a $68.00 price target on Kellogg and gave the company a “hold” rating in a report on Tuesday, June 12th. JPMorgan Chase & Co. decreased their price target on Kellogg from $76.00 to $71.00 and set an “overweight” rating on the stock in a report on Tuesday, May 1st. Buckingham Research lifted their target price on Kellogg from $76.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, July 20th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $72.00 target price on shares of Kellogg in a report on Tuesday, April 24th. Finally, Pivotal Research reaffirmed a “buy” rating and issued a $90.00 target price on shares of Kellogg in a report on Thursday, May 3rd. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $72.39.

Shares of K stock traded down $0.95 during trading hours on Tuesday, hitting $72.77. The stock had a trading volume of 24,390 shares, compared to its average volume of 2,042,557. The stock has a market capitalization of $25.53 billion, a price-to-earnings ratio of 18.10, a price-to-earnings-growth ratio of 2.14 and a beta of 0.51. Kellogg has a one year low of $56.40 and a one year high of $74.32. The company has a current ratio of 0.82, a quick ratio of 0.50 and a debt-to-equity ratio of 2.57.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.09. The company had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.31 billion. Kellogg had a return on equity of 59.68% and a net margin of 13.33%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the business posted $0.97 earnings per share. research analysts predict that Kellogg will post 4.51 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Tuesday, September 4th will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, August 31st. This represents a $2.24 annualized dividend and a yield of 3.08%. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. Kellogg’s dividend payout ratio (DPR) is currently 53.47%.

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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