Rampart Investment Management Company LLC grew its stake in shares of Kellogg (NYSE:K) by 218.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,039 shares of the company’s stock after buying an additional 5,518 shares during the period. Rampart Investment Management Company LLC’s holdings in Kellogg were worth $196,213,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in K. Bank of New York Mellon Corp raised its position in shares of Kellogg by 25.3% during the second 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 during the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Kellogg during the second quarter valued at about $65,600,000. Millennium Management LLC raised its position in shares of Kellogg by 61.8% during the second 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 during the last quarter. Putnam Investments LLC raised its position in shares of Kellogg by 25,701.7% during the second quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock valued at $59,509,000 after buying an additional 848,412 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of Kellogg by 211.5% during the second quarter. Great West Life Assurance Co. Can now owns 943,292 shares of the company’s stock valued at $66,005,000 after buying an additional 640,495 shares during the last quarter. 86.72% of the stock is owned by institutional investors and hedge funds.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total transaction of $14,292,600.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Fareed A. Khan purchased 8,190 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The shares were bought at an average cost of $62.14 per share, for a total transaction of $508,926.60. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 485,000 shares of company stock valued at $31,489,800. Company insiders own 1.40% of the company’s stock.
Kellogg (NYSE:K) last posted its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01). The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.03 EPS. Equities analysts predict that Kellogg will post 4.31 earnings per share for the current year.
The company also recently disclosed 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. This represents a $2.24 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Friday, November 30th. Kellogg’s payout ratio is 55.45%.
K has been the subject of several recent research reports. Buckingham Research dropped their price target on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Royal Bank of Canada dropped their price target on shares of Kellogg to $72.00 and set a “market perform” rating for the company in a research report on Thursday, November 1st. Credit Suisse Group dropped their price target on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating for the company in a research report on Wednesday, November 14th. Piper Jaffray Companies set a $79.00 price target on shares of Kellogg and gave the stock a “buy” rating in a research report on Tuesday, October 16th. Finally, Zacks Investment Research reissued a “sell” rating on shares of Kellogg in a research report on Tuesday, November 13th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $70.22.
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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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