Gamco Investors INC. ET AL Trims Position in Kellogg (K)

Gamco Investors INC. ET AL trimmed its holdings in shares of Kellogg (NYSE:K) by 1.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 482,352 shares of the company’s stock after selling 7,600 shares during the period. Gamco Investors INC. ET AL owned about 0.14% of Kellogg worth $33,774,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. LFA Lugano Financial Advisors SA acquired a new position in Kellogg in the 2nd quarter worth approximately $103,000. Integrated Investment Consultants LLC acquired a new position in Kellogg in the 2nd quarter worth approximately $110,000. Financial Architects Inc acquired a new position in Kellogg in the 3rd quarter worth approximately $111,000. CSat Investment Advisory L.P. acquired a new position in Kellogg in the 2nd quarter worth approximately $127,000. Finally, Fort L.P. acquired a new position in Kellogg in the 2nd quarter worth approximately $127,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

Shares of NYSE K opened at $64.39 on Wednesday. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.98. The stock has a market capitalization of $21.84 billion, a price-to-earnings ratio of 15.94, a P/E/G ratio of 2.08 and a beta of 0.50. The company has a quick ratio of 0.52, a current ratio of 0.84 and a debt-to-equity ratio of 2.41.

Kellogg (NYSE:K) last announced its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the firm posted $1.03 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. On average, equities research analysts anticipate that Kellogg will post 4.31 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is 55.45%.

A number of brokerages have issued reports on K. Buckingham Research decreased their target price on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Wells Fargo & Co restated a “hold” rating and set a $67.00 price target (up previously from $62.00) on shares of Kellogg in a report on Sunday, August 5th. Royal Bank of Canada cut their price target on shares of Kellogg to $72.00 and set a “market perform” rating on the stock in a report on Thursday, November 1st. Piper Jaffray Companies set a $79.00 price target on shares of Kellogg and gave the company a “buy” rating in a report on Tuesday, October 16th. Finally, Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $71.59.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total transaction of $16,041,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 570,000 shares of company stock valued at $41,013,750. 1.40% of the stock is currently owned by insiders.

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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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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