Kellogg Company (K) Stake Lessened by Comerica Bank

Comerica Bank trimmed its holdings in Kellogg Company (NYSE:K) by 6.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,979 shares of the company’s stock after selling 7,711 shares during the period. Comerica Bank’s holdings in Kellogg were worth $7,063,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Washington Trust Bank increased its stake in shares of Kellogg by 0.8% during the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after purchasing an additional 15 shares during the period. Alpha Windward LLC increased its stake in shares of Kellogg by 0.4% during the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock worth $179,000 after purchasing an additional 11 shares during the period. Koch Industries Inc. bought a new position in shares of Kellogg during the second quarter worth approximately $217,000. Raab & Moskowitz Asset Management LLC bought a new position in shares of Kellogg during the second quarter worth approximately $222,000. Finally, Parametrica Management Ltd bought a new position in shares of Kellogg during the second quarter worth approximately $227,000. 86.85% of the stock is owned by institutional investors.

In related news, Chairman John A. Bryant sold 190,000 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $63.01, for a total transaction of $11,971,900.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steven A. Cahillane acquired 15,930 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were purchased at an average cost of $62.70 per share, for a total transaction of $998,811.00. Following the acquisition, the chief executive officer now owns 15,930 shares in the company, valued at $998,811. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 223,438 shares of company stock worth $14,077,678. Company insiders own 1.30% of the company’s stock.

A number of brokerages have recently weighed in on K. BMO Capital Markets lowered their target price on Kellogg from $85.00 to $78.00 and set a “market perform” rating on the stock in a research note on Friday, August 4th. Zacks Investment Research lowered Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. J P Morgan Chase & Co upgraded Kellogg from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $76.00 to $78.00 in a research note on Friday, August 4th. Susquehanna Bancshares Inc restated a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Finally, Piper Jaffray Companies set a $78.00 price objective on Kellogg and gave the stock a “buy” rating in a research note on Monday, August 7th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the stock. Kellogg presently has an average rating of “Hold” and an average target price of $71.00.

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Shares of Kellogg Company (K) opened at $65.36 on Monday. The firm has a market capitalization of $22,580.09, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 2.64 and a beta of 0.49. Kellogg Company has a twelve month low of $58.76 and a twelve month high of $76.69. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71.

Kellogg (NYSE:K) last issued its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.11. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $0.96 EPS. equities research analysts expect that Kellogg Company will post 4.04 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Thursday, November 30th. Kellogg’s dividend payout ratio is presently 96.43%.

About Kellogg

Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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