Korea Investment CORP Purchases 30,100 Shares of Kellogg (K)

Korea Investment CORP raised its stake in Kellogg (NYSE:K) by 36.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 111,643 shares of the company’s stock after buying an additional 30,100 shares during the quarter. Korea Investment CORP’s holdings in Kellogg were worth $7,258,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Covington Capital Management lifted its position in Kellogg by 3,815.0% in the fourth quarter. Covington Capital Management now owns 3,915 shares of the company’s stock valued at $266,000 after buying an additional 3,815 shares during the last quarter. Sun Life Financial INC lifted its position in Kellogg by 73.4% in the fourth quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock valued at $1,617,000 after buying an additional 10,069 shares during the last quarter. Koch Industries Inc. lifted its position in Kellogg by 125.3% in the fourth quarter. Koch Industries Inc. now owns 13,200 shares of the company’s stock valued at $897,000 after buying an additional 7,342 shares during the last quarter. Paloma Partners Management Co lifted its position in Kellogg by 16.9% in the fourth quarter. Paloma Partners Management Co now owns 30,970 shares of the company’s stock valued at $2,106,000 after buying an additional 4,473 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in Kellogg by 54.5% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,884 shares of the company’s stock valued at $944,000 after buying an additional 4,900 shares during the last quarter. 88.87% of the stock is currently owned by institutional investors.

Several analysts have recently issued reports on the stock. Deutsche Bank reduced their price target on shares of Kellogg from $68.00 to $64.00 and set a “hold” rating on the stock in a research report on Friday, May 4th. Stifel Nicolaus reduced their price target on shares of Kellogg from $66.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, May 4th. Susquehanna Bancshares set a $65.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research report on Wednesday, May 9th. Morgan Stanley reduced their price target on shares of Kellogg from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Friday, May 4th. Finally, ValuEngine cut shares of Kellogg from a “hold” rating to a “sell” rating in a research report on Wednesday, May 2nd. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. Kellogg has a consensus rating of “Hold” and an average target price of $70.53.



In other Kellogg news, insider Paul T. Norman sold 167,497 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $68.86, for a total value of $11,533,843.42. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 175,000 shares of the stock in a transaction that occurred on Wednesday, May 16th. The shares were sold at an average price of $61.37, for a total transaction of $10,739,750.00. The disclosure for this sale can be found here. Insiders sold 811,596 shares of company stock worth $53,600,834 over the last quarter. 1.40% of the stock is currently owned by insiders.

K stock opened at $63.51 on Friday. The company has a debt-to-equity ratio of 3.09, a quick ratio of 0.47 and a current ratio of 0.74. Kellogg has a fifty-two week low of $56.40 and a fifty-two week high of $74.28. The company has a market cap of $21.58 billion, a P/E ratio of 15.72, a PEG ratio of 1.90 and a beta of 0.47.

Kellogg (NYSE:K) last released its earnings results on Thursday, May 3rd. The company reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.11. Kellogg had a net margin of 11.10% and a return on equity of 67.81%. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.30 billion. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 earnings per share. analysts anticipate that Kellogg will post 4.46 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be paid a $0.54 dividend. The ex-dividend date is Thursday, May 31st. This represents a $2.16 annualized dividend and a yield of 3.40%. Kellogg’s dividend payout ratio is currently 53.47%.

Kellogg Company 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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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