Gabelli Funds LLC cut its holdings in Kellogg (NYSE:K) by 5.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,700 shares of the company’s stock after selling 15,000 shares during the period. Gabelli Funds LLC owned approximately 0.07% of Kellogg worth $18,114,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of K. Usca Ria LLC increased its position in Kellogg by 118.1% in the 3rd quarter. Usca Ria LLC now owns 71,411 shares of the company’s stock valued at $5,000,000 after buying an additional 38,664 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in Kellogg during the 3rd quarter valued at about $2,279,000. Creative Financial Designs Inc. ADV boosted its stake in Kellogg by 5.7% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 49,133 shares of the company’s stock valued at $3,440,000 after purchasing an additional 2,667 shares during the last quarter. Private Advisor Group LLC boosted its stake in Kellogg by 55.7% during the 3rd quarter. Private Advisor Group LLC now owns 21,833 shares of the company’s stock valued at $1,529,000 after purchasing an additional 7,811 shares during the last quarter. Finally, Signition LP acquired a new position in Kellogg during the 3rd quarter valued at about $609,000. 88.95% of the stock is owned by hedge funds and other institutional investors.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total value of $14,292,600.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by corporate insiders.
Shares of NYSE K opened at $65.18 on Friday. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.98. The company has a market capitalization of $22.34 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 2.12 and a beta of 0.50. The company has a current ratio of 0.84, a quick ratio of 0.52 and a debt-to-equity ratio of 2.41.
Kellogg (NYSE:K) last announced its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The business had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the previous year, the firm earned $1.03 EPS. Kellogg’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts forecast that Kellogg will post 4.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a $0.56 dividend. The ex-dividend date is Friday, November 30th. This represents a $2.24 annualized dividend and a yield of 3.44%. Kellogg’s payout ratio is 55.45%.
K has been the subject of a number of analyst reports. Citigroup cut their price target on Kellogg from $87.00 to $79.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Buckingham Research cut their price target on Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. ValuEngine upgraded Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Piper Jaffray Companies set a $79.00 price target on Kellogg and gave the company a “buy” rating in a research note on Tuesday, October 16th. Finally, Argus cut their price target on Kellogg from $85.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $71.59.
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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. 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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