Crossmark Global Holdings Inc. Has $1.60 Million Stake in Kellogg (K)

Crossmark Global Holdings Inc. decreased its position in shares of Kellogg (NYSE:K) by 10.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,890 shares of the company’s stock after selling 2,537 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Kellogg were worth $1,603,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of K. Brown Advisory Inc. lifted its holdings in Kellogg by 81.1% in the 2nd quarter. Brown Advisory Inc. now owns 163,119 shares of the company’s stock valued at $11,398,000 after purchasing an additional 73,044 shares in the last quarter. Manning & Napier Group LLC lifted its holdings in Kellogg by 11.5% in the 3rd quarter. Manning & Napier Group LLC now owns 67,873 shares of the company’s stock valued at $4,752,000 after purchasing an additional 7,005 shares in the last quarter. Andra AP fonden purchased a new position in Kellogg in the 2nd quarter valued at $8,049,000. Aperio Group LLC lifted its holdings in Kellogg by 5.2% in the 3rd quarter. Aperio Group LLC now owns 153,080 shares of the company’s stock valued at $10,719,000 after purchasing an additional 7,618 shares in the last quarter. Finally, AMP Capital Investors Ltd lifted its holdings in Kellogg by 12.9% in the 2nd quarter. AMP Capital Investors Ltd now owns 142,251 shares of the company’s stock valued at $9,937,000 after purchasing an additional 16,251 shares in the last quarter. 86.92% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have weighed in on K. Wells Fargo & Co restated 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. Credit Suisse Group raised their price objective on Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, August 9th. Buckingham Research raised their price objective on Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 3rd. Zacks Investment Research lowered Kellogg from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Finally, Argus decreased their price objective on Kellogg from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $70.22.

In related news, CFO Fareed A. Khan acquired 8,190 shares of Kellogg stock in a transaction that occurred on Tuesday, November 20th. The shares were purchased at an average cost of $62.14 per share, for a total transaction of $508,926.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $74.61, for a total transaction of $16,041,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 600,000 shares of company stock worth $41,536,950. Insiders own 1.40% of the company’s stock.

NYSE K opened at $61.74 on Monday. Kellogg has a 52 week low of $56.40 and a 52 week high of $74.98. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84. The firm has a market cap of $21.43 billion, a PE ratio of 15.28, a P/E/G ratio of 2.32 and a beta of 0.50.

Kellogg (NYSE:K) last posted its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the 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 for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts expect that Kellogg will post 4.31 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 annualized dividend and a dividend yield of 3.63%. Kellogg’s dividend payout ratio is presently 55.45%.

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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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