Kellogg (K) Holdings Cut by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC lessened its holdings in Kellogg (NYSE:K) by 17.4% during the third quarter, Holdings Channel reports. The fund owned 4,972 shares of the company’s stock after selling 1,050 shares during the period. Valeo Financial Advisors LLC’s holdings in Kellogg were worth $326,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. grew its holdings in shares of Kellogg by 4.2% during the first quarter. Principal Financial Group Inc. now owns 377,931 shares of the company’s stock worth $24,570,000 after purchasing an additional 15,316 shares during the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Kellogg by 113.2% during the first quarter. Allianz Asset Management GmbH now owns 6,812 shares of the company’s stock worth $443,000 after purchasing an additional 58,391 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Kellogg by 539.5% during the first quarter. Brown Advisory Inc. now owns 90,075 shares of the company’s stock worth $5,855,000 after purchasing an additional 75,989 shares during the last quarter. DnB Asset Management AS bought a new stake in shares of Kellogg during the second quarter worth about $2,895,000. Finally, Stonebridge Capital Management Inc. grew its holdings in shares of Kellogg by 3.8% during the second quarter. Stonebridge Capital Management Inc. now owns 21,000 shares of the company’s stock worth $1,502,000 after purchasing an additional 775 shares during the last quarter. Hedge funds and other institutional investors own 88.98% of the company’s stock.

In other Kellogg news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $72.25, for a total value of $4,815,823.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, August 9th. The shares were 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. Over the last three months, insiders sold 636,655 shares of company stock worth $45,829,574. Insiders own 1.40% of the company’s stock.

Kellogg stock opened at $63.00 on Friday. Kellogg has a one year low of $56.40 and a one year high of $74.98. The company has a current ratio of 0.84, a quick ratio of 0.50 and a debt-to-equity ratio of 2.41. The company has a market capitalization of $22.70 billion, a P/E ratio of 15.59, a P/E/G ratio of 2.00 and a beta of 0.50.

Kellogg (NYSE:K) last issued its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same period last year, the firm posted $1.03 earnings per share. Kellogg’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts predict that Kellogg will post 4.31 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.56%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.

Several research firms have recently weighed in on K. ValuEngine cut Kellogg from a “buy” rating to a “hold” rating in a report on Thursday. Citigroup cut their price objective on Kellogg from $87.00 to $79.00 and set a “buy” rating on the stock in a research note on Thursday. Buckingham Research lifted their price objective on Kellogg from $76.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Credit Suisse Group cut their price objective on Kellogg from $75.00 to $70.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Morgan Stanley began coverage on Kellogg in a research note on Monday, September 17th. They issued an “equal weight” rating and a $75.00 price objective on the stock. 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 company. The company presently has an average rating of “Hold” and an average target price of $71.53.

Kellogg 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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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