Kellogg’s (K) Stake Lessened by Eaton Vance Management

Eaton Vance Management decreased its holdings in shares of Kellogg’s (NYSE:K) by 2.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,782 shares of the company’s stock after selling 2,207 shares during the period. Eaton Vance Management’s holdings in Kellogg’s were worth $6,422,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Sun Life Financial INC lifted its position in shares of Kellogg’s by 73.4% during the 4th quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock valued at $1,617,000 after buying an additional 10,069 shares in the last quarter. Covington Capital Management lifted its position in shares of Kellogg’s by 3,815.0% during the 4th quarter. Covington Capital Management now owns 3,915 shares of the company’s stock valued at $266,000 after buying an additional 3,815 shares in the last quarter. Koch Industries Inc. lifted its position in shares of Kellogg’s by 125.3% during the 4th quarter. Koch Industries Inc. now owns 13,200 shares of the company’s stock valued at $897,000 after buying an additional 7,342 shares in the last quarter. Paloma Partners Management Co lifted its position in shares of Kellogg’s by 16.9% during the 4th quarter. Paloma Partners Management Co now owns 30,970 shares of the company’s stock valued at $2,106,000 after buying an additional 4,473 shares in the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in shares of Kellogg’s by 54.5% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,884 shares of the company’s stock valued at $944,000 after buying an additional 4,900 shares in the last quarter. Hedge funds and other institutional investors own 91.28% of the company’s stock.

Shares of K opened at $60.19 on Friday. Kellogg’s has a 52-week low of $56.40 and a 52-week high of $74.28. The firm has a market capitalization of $21.33 billion, a price-to-earnings ratio of 14.90, a P/E/G ratio of 1.88 and a beta of 0.47. The company has a debt-to-equity ratio of 3.09, a current ratio of 0.74 and a quick ratio of 0.47.

Kellogg’s (NYSE:K) last issued its earnings results on Thursday, May 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. Kellogg’s had a return on equity of 67.81% and a net margin of 11.10%. The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same period last year, the company earned $1.06 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. sell-side analysts forecast that Kellogg’s will post 4.46 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, May 31st. Kellogg’s’s dividend payout ratio (DPR) is presently 53.47%.

K has been the subject of several recent research reports. Zacks Investment Research raised Kellogg’s from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Friday, March 16th. Citigroup reduced their price objective on Kellogg’s from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Friday, February 9th. Pivotal Research initiated coverage on Kellogg’s in a research note on Monday, February 5th. They issued a “buy” rating and a $80.00 price objective for the company. Stifel Nicolaus reduced their price objective on Kellogg’s from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, May 4th. Finally, Morgan Stanley increased their price objective on Kellogg’s from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, February 9th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. Kellogg’s currently has an average rating of “Hold” and an average price target of $70.53.

In related news, insider Paul T. Norman sold 167,497 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $68.86, for a total transaction of $11,533,843.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 50,254 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $68.35, for a total value of $3,434,860.90. The disclosure for this sale can be found here. Insiders sold a total of 818,763 shares of company stock valued at $54,086,127 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Kellogg’s 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`s (NYSE:K)

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