Signition LP Invests $609,000 in Kellogg (K)

Signition LP purchased a new stake in shares of Kellogg (NYSE:K) in the 3rd quarter, Holdings Channel reports. The fund purchased 8,695 shares of the company’s stock, valued at approximately $609,000.

Several other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Kellogg by 25.3% in the second quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after buying an additional 1,076,748 shares in the last quarter. Beutel Goodman & Co Ltd. raised its stake in Kellogg by 14.2% in the second quarter. Beutel Goodman & Co Ltd. now owns 3,492,041 shares of the company’s stock worth $185,626,000 after buying an additional 434,170 shares in the last quarter. Millennium Management LLC raised its stake in Kellogg by 61.8% in the second quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock worth $168,958,000 after buying an additional 923,365 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Kellogg by 3.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock worth $111,661,000 after purchasing an additional 53,340 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Kellogg by 2.1% in the second quarter. Swiss National Bank now owns 1,469,389 shares of the company’s stock worth $102,666,000 after purchasing an additional 29,900 shares during the last quarter. 88.98% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have issued reports on the stock. Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. ValuEngine raised shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Buckingham Research cut their price target on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank of Canada cut their price target on shares of Kellogg to $72.00 and set a “market perform” rating on the stock in a report on Thursday. Finally, Deutsche Bank cut their price target on shares of Kellogg from $73.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday. 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 stock. The stock has a consensus rating of “Hold” and an average price target of $71.53.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total transaction of $16,041,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders have sold 636,655 shares of company stock worth $45,829,574 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Shares of K opened at $63.00 on Friday. The firm has a market cap of $22.70 billion, a PE ratio of 15.59, a P/E/G ratio of 2.00 and a beta of 0.50. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.50 and a current ratio of 0.84. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.98.

Kellogg (NYSE:K) last announced its quarterly earnings data 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). The company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. Kellogg’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned $1.03 earnings per share. Sell-side analysts anticipate that Kellogg will post 4.31 EPS for the current fiscal year.

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

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.

Read More: Balance Sheet

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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