Carnegie Capital Asset Management LLC Decreases Stock Position in Kellogg (NYSE:K)

Carnegie Capital Asset Management LLC lowered its stake in Kellogg (NYSE:K) by 9.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,700 shares of the company’s stock after selling 500 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Kellogg were worth $281,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. State Street Corp raised its position in shares of Kellogg by 4.7% during the 4th quarter. State Street Corp now owns 13,567,548 shares of the company’s stock valued at $938,332,000 after buying an additional 603,888 shares in the last quarter. Capital World Investors raised its position in shares of Kellogg by 3.5% during the 4th quarter. Capital World Investors now owns 11,901,709 shares of the company’s stock valued at $823,122,000 after buying an additional 401,059 shares in the last quarter. Capital Research Global Investors raised its position in shares of Kellogg by 9.6% during the 4th quarter. Capital Research Global Investors now owns 7,839,434 shares of the company’s stock valued at $542,175,000 after buying an additional 687,254 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Kellogg by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,873,350 shares of the company’s stock valued at $267,326,000 after buying an additional 163,783 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. raised its position in shares of Kellogg by 4.3% during the 4th quarter. Beutel Goodman & Co Ltd. now owns 3,616,793 shares of the company’s stock valued at $250,137,000 after buying an additional 148,587 shares in the last quarter. Institutional investors and hedge funds own 86.67% of the company’s stock.

Several brokerages have recently issued reports on K. Jefferies Financial Group restated a “hold” rating and set a $71.00 target price on shares of Kellogg in a research report on Monday, May 4th. Zacks Investment Research downgraded shares of Kellogg from a “hold” rating to a “sell” rating and set a $69.00 price target on the stock. in a report on Tuesday, February 11th. Evercore ISI reiterated a “hold” rating and set a $65.00 price target on shares of Kellogg in a report on Sunday, February 9th. Consumer Edge upgraded shares of Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price target on the stock in a report on Friday, May 1st. Finally, Morgan Stanley upped their price target on shares of Kellogg from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $69.88.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $65.89, for a total transaction of $6,589,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 300,000 shares of company stock valued at $18,612,000 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

Shares of K stock opened at $62.09 on Friday. The company has a debt-to-equity ratio of 2.38, a current ratio of 0.77 and a quick ratio of 0.55. The company has a market capitalization of $21.03 billion, a P/E ratio of 20.77, a P/E/G ratio of 4.22 and a beta of 0.57. The company’s 50-day simple moving average is $63.76 and its two-hundred day simple moving average is $65.15. Kellogg has a one year low of $51.34 and a one year high of $71.05.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.04. Kellogg had a net margin of 7.61% and a return on equity of 41.25%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the firm earned $1.01 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. On average, research analysts expect that Kellogg will post 3.8 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Friday, May 29th. This represents a $2.28 dividend on an annualized basis and a yield of 3.67%. Kellogg’s payout ratio is 57.87%.

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. 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.

Further Reading: Total Return

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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