Gulf International Bank UK Ltd Boosts Position in Kellogg (NYSE:K)

Gulf International Bank UK Ltd boosted its position in shares of Kellogg (NYSE:K) by 2.9% during the third quarter, Holdings Channel reports. The firm owned 52,878 shares of the company’s stock after buying an additional 1,479 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Kellogg were worth $3,379,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Community Bank N.A. purchased a new stake in shares of Kellogg in the third quarter worth about $26,000. Kempen Capital Management N.V. increased its position 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 acquiring an additional 222 shares during the period. Evolution Wealth Advisors LLC increased its position in Kellogg by 1,353.4% in the 3rd quarter. Evolution Wealth Advisors LLC now owns 843 shares of the company’s stock valued at $54,000 after acquiring an additional 785 shares during the period. US Asset Management LLC bought a new position in Kellogg during the 3rd quarter valued at $57,000. Finally, Ellevest Inc. boosted its stake in Kellogg by 22.1% during the 3rd quarter. Ellevest Inc. now owns 971 shares of the company’s stock valued at $62,000 after purchasing an additional 176 shares in the last quarter. 83.69% of the stock is owned by institutional investors.

Shares of Kellogg stock opened at $67.53 on Friday. The firm has a fifty day moving average of $63.76 and a two-hundred day moving average of $63.56. The stock has a market capitalization of $23.04 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 3.57 and a beta of 0.59. Kellogg has a 52 week low of $56.61 and a 52 week high of $68.60. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.48 and a current ratio of 0.76.

Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, November 4th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.14. Kellogg had a net margin of 8.86% and a return on equity of 37.88%. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.54 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. As a group, research analysts forecast that Kellogg will post 4.13 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Investors of record on Wednesday, December 1st were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date of this dividend was Tuesday, November 30th. Kellogg’s payout ratio is presently 63.39%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the company’s stock in a transaction on Wednesday, October 20th. The shares were sold at an average price of $61.91, for a total value of $5,159,207.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Several analysts recently issued reports on K shares. Bank of America lowered Kellogg from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $76.00 to $70.00 in a report on Wednesday, January 5th. Morgan Stanley lifted their target price on Kellogg from $64.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada decreased their target price on Kellogg from $67.00 to $66.00 and set a “sector perform” rating on the stock in a research report on Friday, November 5th. Deutsche Bank Aktiengesellschaft decreased their target price on Kellogg from $74.00 to $71.00 and set a “buy” rating on the stock in a research report on Thursday, October 21st. Finally, Credit Suisse Group lifted their price objective on Kellogg from $61.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, November 5th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Kellogg presently has an average rating of “Hold” and a consensus target price of $67.89.

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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