Becker Capital Management Inc. Raises Holdings in Kellogg (NYSE:K)

Becker Capital Management Inc. lifted its holdings in shares of Kellogg (NYSE:K) by 16.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 203,209 shares of the company’s stock after buying an additional 29,324 shares during the period. Becker Capital Management Inc.’s holdings in Kellogg were worth $12,989,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of K. America First Investment Advisors LLC purchased a new position in Kellogg in the 2nd quarter valued at approximately $33,000. Kempen Capital Management N.V. increased its stake in Kellogg by 44.0% in the 2nd quarter. Kempen Capital Management N.V. now owns 727 shares of the company’s stock valued at $47,000 after purchasing an additional 222 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Kellogg in the 1st quarter valued at approximately $51,000. Eagle Bay Advisors LLC purchased a new position in Kellogg in the 2nd quarter valued at approximately $59,000. Finally, Koshinski Asset Management Inc. purchased a new position in Kellogg in the 3rd quarter valued at approximately $63,000. 85.20% of the stock is owned by institutional investors and hedge funds.

Kellogg stock traded down $0.18 during midday trading on Thursday, reaching $63.20. The stock had a trading volume of 1,309,522 shares, compared to its average volume of 2,551,088. Kellogg has a twelve month low of $56.61 and a twelve month high of $68.60. The stock has a market capitalization of $21.56 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 3.39 and a beta of 0.58. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.48 and a current ratio of 0.76. The stock’s 50-day simple moving average is $62.85 and its 200 day simple moving average is $63.95.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, November 4th. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.95 by $0.14. Kellogg had a return on equity of 37.88% and a net margin of 8.86%. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.54 billion. During the same period last year, the company posted $0.91 earnings per share. The firm’s revenue was up 5.6% compared to the same quarter last year. Equities analysts predict that Kellogg will post 4.13 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 15th. Shareholders of record on Wednesday, December 1st will be given a $0.58 dividend. This represents a $2.32 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend is Tuesday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 63.39%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,333 shares of the business’s stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $62.61, for a total value of $5,217,479.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the business’s stock in a transaction dated Monday, September 20th. The shares were sold at an average price of $63.43, for a total value of $5,285,875.62. The disclosure for this sale can be found here. Insiders sold 416,668 shares of company stock worth $26,115,084 over the last three months. 1.20% of the stock is currently owned by corporate insiders.

Several research firms have weighed in on K. Credit Suisse Group raised their price target on Kellogg from $61.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, November 5th. Morgan Stanley began coverage on Kellogg in a research report on Tuesday, September 21st. They set a “hold” rating and a $64.00 price target for the company. Royal Bank of Canada dropped their price target on Kellogg from $67.00 to $66.00 and set a “sector perform” rating for the company in a research report on Friday, November 5th. Seaport Res Ptn restated a “buy” rating on shares of Kellogg in a report on Thursday, August 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Kellogg from $74.00 to $71.00 and set a “buy” rating on the stock in a report on Thursday, October 21st. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Kellogg presently has an average rating of “Hold” and an average target price of $66.90.

About Kellogg

Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. The firm markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Cheez-It, Pringles, and Austin to supermarkets in the U.S. It operates through the following geographical segments: North America, Europe, Latin America, and AMEA(Asia Middle East Africa).

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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