Wetherby Asset Management Inc. Acquires New Position in Kellogg (NYSE:K)

Wetherby Asset Management Inc. acquired a new stake in Kellogg (NYSE:K) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,177 shares of the company’s stock, valued at approximately $205,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in K. Van ECK Associates Corp boosted its stake in Kellogg by 19.2% during the second quarter. Van ECK Associates Corp now owns 1,074,756 shares of the company’s stock worth $57,575,000 after buying an additional 172,959 shares during the period. InterOcean Capital LLC acquired a new stake in shares of Kellogg during the second quarter worth about $663,000. Point72 Hong Kong Ltd lifted its position in shares of Kellogg by 70.7% during the second quarter. Point72 Hong Kong Ltd now owns 8,554 shares of the company’s stock worth $458,000 after purchasing an additional 3,542 shares in the last quarter. Everett Harris & Co. CA lifted its position in shares of Kellogg by 16.0% during the second quarter. Everett Harris & Co. CA now owns 9,025 shares of the company’s stock worth $483,000 after purchasing an additional 1,245 shares in the last quarter. Finally, BB&T Securities LLC lifted its position in shares of Kellogg by 5.9% during the second quarter. BB&T Securities LLC now owns 51,212 shares of the company’s stock worth $2,743,000 after purchasing an additional 2,867 shares in the last quarter. 88.57% of the stock is owned by hedge funds and other institutional investors.

In related news, SVP Maria Fernanda Mejia sold 2,136 shares of Kellogg stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $63.70, for a total value of $136,063.20. Following the transaction, the senior vice president now directly owns 25,721 shares in the company, valued at approximately $1,638,427.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, August 12th. The shares were sold at an average price of $61.51, for a total transaction of $6,151,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 625,291 shares of company stock worth $39,277,106. Insiders own 0.09% of the company’s stock.

K stock traded up $0.26 during midday trading on Friday, reaching $63.99. 1,336,724 shares of the company were exchanged, compared to its average volume of 2,415,646. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.52 and a current ratio of 0.80. Kellogg has a 1-year low of $51.34 and a 1-year high of $65.66. The stock’s 50-day simple moving average is $62.84 and its 200 day simple moving average is $59.62. The company has a market cap of $21.67 billion, a price-to-earnings ratio of 14.78, a price-to-earnings-growth ratio of 3.62 and a beta of 0.52.

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Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 29th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.12. The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.35 billion. Kellogg had a net margin of 5.35% and a return on equity of 42.47%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the firm posted $1.06 earnings per share. On average, research analysts anticipate that Kellogg will post 3.9 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.56%. Kellogg’s dividend payout ratio (DPR) is presently 52.66%.

K has been the topic of several analyst reports. TheStreet raised shares of Kellogg from a “c+” rating to a “b-” rating in a report on Monday, August 12th. Goldman Sachs Group raised shares of Kellogg from a “neutral” rating to a “buy” rating and raised their target price for the company from $58.00 to $72.00 in a report on Friday, September 6th. ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley raised their target price on shares of Kellogg from $56.00 to $65.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Evercore ISI assumed coverage on shares of Kellogg in a report on Thursday, October 24th. They set an “in-line” rating and a $67.00 price objective on the stock. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $64.24.

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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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