Kellogg (K) Shares Sold by Aviva PLC

Aviva PLC reduced its holdings in shares of Kellogg (NYSE:K) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 143,571 shares of the company’s stock after selling 4,833 shares during the quarter. Aviva PLC’s holdings in Kellogg were worth $10,053,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in K. LFA Lugano Financial Advisors SA bought a new position in Kellogg in the second quarter valued at about $103,000. Integrated Investment Consultants LLC bought a new position in shares of Kellogg in the second quarter worth about $110,000. Financial Architects Inc bought a new position in shares of Kellogg in the third quarter worth about $111,000. CSat Investment Advisory L.P. bought a new position in shares of Kellogg in the second quarter worth about $127,000. Finally, Fort L.P. bought a new position in shares of Kellogg in the second quarter worth about $127,000. 86.92% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:K opened at $63.65 on Monday. 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 has a 12-month low of $56.40 and a 12-month high of $74.98. The stock has a market cap of $22.09 billion, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 2.39 and a beta of 0.50.

Kellogg (NYSE:K) last released its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (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 business 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 business posted $1.03 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Kellogg will post 4.31 EPS for the current year.

The firm also recently announced 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 annualized dividend and a dividend yield of 3.52%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio is currently 55.45%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $62.24, for a total transaction of $11,203,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Fareed A. Khan bought 8,190 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The shares were acquired at an average price 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 600,000 shares of company stock valued at $41,536,950 in the last quarter. 1.40% of the stock is currently owned by company insiders.

K has been the topic of several recent research reports. Wells Fargo & Co reaffirmed a “hold” rating and issued a $67.00 price objective (up previously from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Credit Suisse Group raised their price objective on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Thursday, August 9th. Morgan Stanley initiated coverage on Kellogg in a research note on Monday, September 17th. They issued an “equal weight” rating and a $75.00 price objective on the stock. Piper Jaffray Companies set a $79.00 price objective on Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Finally, Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.22.

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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.

Further Reading: Understanding Price to Earnings Ratio (PE)

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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