Westpac Banking Corp Boosts Position in Kellogg (NYSE:K)

Westpac Banking Corp increased its stake in Kellogg (NYSE:K) by 1.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 82,390 shares of the company’s stock after buying an additional 1,000 shares during the period. Westpac Banking Corp’s holdings in Kellogg were worth $4,414,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Beutel Goodman & Co Ltd. grew its holdings in Kellogg by 13.5% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 3,894,578 shares of the company’s stock worth $167,224,000 after acquiring an additional 462,398 shares in the last quarter. Geode Capital Management LLC grew its holdings in Kellogg by 11.6% during the 4th quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock worth $200,178,000 after acquiring an additional 364,719 shares in the last quarter. Northern Trust Corp grew its holdings in Kellogg by 1.3% during the 1st quarter. Northern Trust Corp now owns 3,460,612 shares of the company’s stock worth $198,570,000 after acquiring an additional 45,977 shares in the last quarter. Ceredex Value Advisors LLC grew its holdings in Kellogg by 37.1% during the 1st quarter. Ceredex Value Advisors LLC now owns 2,849,219 shares of the company’s stock worth $163,488,000 after acquiring an additional 771,375 shares in the last quarter. Finally, California Public Employees Retirement System grew its holdings in Kellogg by 19.8% during the 1st quarter. California Public Employees Retirement System now owns 1,699,173 shares of the company’s stock worth $97,499,000 after acquiring an additional 280,644 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors.

K has been the topic of several recent research reports. Consumer Edge cut 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. Buckingham Research increased their target price on shares of Kellogg from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. GMP Securities reiterated a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Guggenheim increased their target price on shares of Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. Kellogg has a consensus rating of “Hold” and an average price target of $63.47.

NYSE:K opened at $63.78 on Friday. Kellogg has a fifty-two week low of $51.34 and a fifty-two week high of $74.98. The stock has a market capitalization of $20.96 billion, a P/E ratio of 14.73, a P/E/G ratio of 3.52 and a beta of 0.61. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.46 and a current ratio of 0.70. The company’s 50-day simple moving average is $58.14 and its 200-day simple moving average is $56.93.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.08. Kellogg had a net margin of 6.28% and a return on equity of 41.91%. The business had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same period last year, the business earned $1.14 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. On average, research analysts forecast that Kellogg will post 3.88 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. This is a boost from Kellogg’s previous quarterly dividend of $0.56. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, August 30th. Kellogg’s dividend payout ratio (DPR) is currently 51.73%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $54.84, for a total value of $5,484,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 600,000 shares of company stock worth $33,914,000 over the last 90 days. Company insiders own 0.09% of the company’s stock.

Kellogg 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.

See Also: What are benefits of a growth and income fund?

Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg (NYSE:K).

Institutional Ownership by Quarter for Kellogg (NYSE:K)

Receive News & Ratings for Kellogg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg and related companies with MarketBeat.com's FREE daily email newsletter.