Alliancebernstein L.P. Has $28.77 Million Stake in Kellogg (K)

Alliancebernstein L.P. decreased its position in shares of Kellogg (NYSE:K) by 33.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 410,833 shares of the company’s stock after selling 207,697 shares during the quarter. Alliancebernstein L.P. owned 0.12% of Kellogg worth $28,767,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of K. Bank of New York Mellon Corp lifted its position in shares of Kellogg by 25.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock valued at $372,017,000 after buying an additional 1,076,748 shares in the last quarter. Millennium Management LLC lifted its position in shares of Kellogg by 61.8% during the 2nd quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock valued at $168,958,000 after buying an additional 923,365 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Kellogg by 3.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock valued at $111,661,000 after buying an additional 53,340 shares in the last quarter. Swiss National Bank lifted its position in shares of Kellogg by 2.1% during the 2nd quarter. Swiss National Bank now owns 1,469,389 shares of the company’s stock valued at $102,666,000 after buying an additional 29,900 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in Kellogg by 0.7% in the 3rd quarter. LSV Asset Management now owns 1,461,286 shares of the company’s stock valued at $102,319,000 after purchasing an additional 10,000 shares in the last quarter. 86.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of K opened at $63.65 on Friday. Kellogg has a 52-week low of $56.40 and a 52-week high of $74.98. The firm has a market capitalization of $21.95 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 2.38 and a beta of 0.50. The company has a debt-to-equity ratio of 2.41, a current ratio of 0.84 and a quick ratio of 0.52.

Kellogg (NYSE:K) last issued its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $3.43 billion. During the same period last year, the business earned $1.03 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Kellogg will post 4.31 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s payout ratio is 55.45%.

K has been the topic of a number of research reports. Buckingham Research decreased their price objective on Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. 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. Royal Bank of Canada decreased their price objective on Kellogg to $72.00 and set a “market perform” rating on the stock in a report on Thursday, November 1st. Credit Suisse Group decreased their price objective on Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, November 14th. Finally, Piper Jaffray Companies set a $79.00 target price on Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Three 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 company. Kellogg has a consensus rating of “Hold” and a consensus target price of $70.22.

In other Kellogg news, Chairman Steven A. Cahillane acquired 17,825 shares of the business’s stock in a transaction that occurred on Monday, November 19th. The stock was purchased at an average cost of $61.63 per share, with a total value of $1,098,554.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Fareed A. Khan acquired 8,190 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were acquired at an average cost of $62.14 per share, with a total value of $508,926.60. The disclosure for this purchase can be found here. Insiders have sold a total of 600,000 shares of company stock valued at $41,536,950 over the last three months. Corporate insiders own 1.40% of the company’s stock.

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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.

Further Reading: Asset Allocation and Your Retirement

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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