Beutel Goodman & Co Ltd. Lowers Stake in Kellogg (K)

Beutel Goodman & Co Ltd. reduced its stake in shares of Kellogg (NYSE:K) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,451,103 shares of the company’s stock after selling 40,938 shares during the period. Kellogg makes up approximately 1.4% of Beutel Goodman & Co Ltd.’s investment portfolio, making the stock its 18th biggest holding. Beutel Goodman & Co Ltd. owned 1.00% of Kellogg worth $186,937,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of K. Swedbank purchased a new position in shares of Kellogg during the second quarter worth $100,628,000. Bank of New York Mellon Corp raised its holdings in shares of Kellogg by 25.3% during 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 purchasing an additional 1,076,748 shares during the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Kellogg during the second quarter worth $65,600,000. Millennium Management LLC raised its holdings in shares of Kellogg by 61.8% during the second quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock worth $168,958,000 after purchasing an additional 923,365 shares during the last quarter. Finally, Putnam Investments LLC raised its holdings in shares of Kellogg by 25,701.7% during the second quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock worth $59,509,000 after purchasing an additional 848,412 shares during the last quarter. Institutional investors and hedge funds own 88.98% of the company’s stock.

A number of research firms have weighed in on K. ValuEngine cut shares of Kellogg from a “buy” rating to a “hold” rating in a report on Thursday. Wells Fargo & Co reaffirmed a “hold” rating and issued a $67.00 price objective (up previously from $62.00) on shares of Kellogg in a report on Sunday, August 5th. Buckingham Research lifted their price objective on shares of Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 3rd. Credit Suisse Group lifted their price objective on shares of Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, August 9th. Finally, Zacks Investment Research cut shares of Kellogg from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $72.71.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total transaction of $14,292,600.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction dated Monday, August 6th. The stock was 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 valued at $45,829,574 in the last three months. Corporate insiders own 1.40% of the company’s stock.

K stock opened at $65.48 on Thursday. The stock has a market cap of $24.91 billion, a PE ratio of 16.21, a P/E/G ratio of 2.11 and a beta of 0.49. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.82 and a quick ratio of 0.50. Kellogg has a 52 week low of $56.40 and a 52 week high of $74.98.

Kellogg (NYSE:K) last released its earnings results on Wednesday, October 31st. The company reported $1.06 EPS 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 return on equity of 59.68% and a net margin of 13.33%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.03 EPS. As a group, equities analysts anticipate that Kellogg will post 4.52 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.42%. Kellogg’s dividend payout ratio is currently 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.

Recommended Story: Index Funds

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.

Leave a Reply