FDx Advisors Inc. Sells 13,252 Shares of Kellogg (K)

FDx Advisors Inc. lessened its holdings in Kellogg (NYSE:K) by 76.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,001 shares of the company’s stock after selling 13,252 shares during the quarter. FDx Advisors Inc.’s holdings in Kellogg were worth $280,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of K. Bank of New York Mellon Corp boosted its stake in shares of Kellogg by 25.3% in 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 purchasing an additional 1,076,748 shares during the last quarter. Artisan Partners Limited Partnership bought a new position in shares of Kellogg in the 2nd quarter valued at about $65,600,000. Millennium Management LLC boosted its stake in shares of Kellogg by 61.8% in the 2nd quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock valued at $168,958,000 after purchasing an additional 923,365 shares during the last quarter. Putnam Investments LLC boosted its stake in shares of Kellogg by 25,701.7% in the 2nd quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock valued at $59,509,000 after purchasing an additional 848,412 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in shares of Kellogg by 211.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 943,292 shares of the company’s stock valued at $66,005,000 after purchasing an additional 640,495 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors.

Shares of K opened at $60.84 on Friday. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.98. The company has a market capitalization of $21.43 billion, a price-to-earnings ratio of 15.06, a P/E/G ratio of 2.32 and a beta of 0.51.

Kellogg (NYSE:K) last announced its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the previous year, the firm posted $1.03 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Kellogg will post 4.31 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Friday, November 30th. Kellogg’s payout ratio is currently 55.45%.

In other Kellogg news, Chairman Steven A. Cahillane acquired 17,825 shares of the stock in a transaction dated Monday, November 19th. The shares were bought at an average cost of $61.63 per share, for a total transaction of $1,098,554.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of Kellogg stock in a transaction that occurred on 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 ninety days, insiders sold 600,000 shares of company stock worth $41,536,950. Insiders own 1.40% of the company’s stock.

K has been the topic of several recent analyst reports. Buckingham Research reduced their price objective on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday, November 1st. Royal Bank of Canada reduced their price objective on shares of Kellogg to $72.00 and set a “market perform” rating on the stock in a research note on Thursday, November 1st. Credit Suisse Group reduced their price objective on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, November 14th. Piper Jaffray Companies set a $79.00 price objective on shares of Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Finally, Zacks Investment Research reissued a “sell” rating on shares of Kellogg in a research note on Tuesday, November 13th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $70.22.

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About Kellogg

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: Compound Interest

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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