James Investment Research Inc. Buys New Stake in Kellogg (K)

James Investment Research Inc. bought a new stake in shares of Kellogg (NYSE:K) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 28,930 shares of the company’s stock, valued at approximately $2,026,000.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in shares of Kellogg by 25.3% in 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 purchasing an additional 1,076,748 shares during the period. Beutel Goodman & Co Ltd. boosted its holdings in shares of Kellogg by 14.2% in the second quarter. Beutel Goodman & Co Ltd. now owns 3,492,041 shares of the company’s stock valued at $185,626,000 after purchasing an additional 434,170 shares during the period. Millennium Management LLC boosted its holdings in shares of Kellogg by 61.8% in the second 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 period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Kellogg by 3.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock valued at $111,661,000 after purchasing an additional 53,340 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Kellogg by 2.1% in the second quarter. Swiss National Bank now owns 1,469,389 shares of the company’s stock valued at $102,666,000 after purchasing an additional 29,900 shares during the period. Institutional investors and hedge funds own 88.98% of the company’s stock.

A number of brokerages recently issued reports on K. UBS Group set a $65.00 price target on Kellogg and gave the company a “hold” rating in a report on Thursday. Wells Fargo & Co set a $64.00 price target on Kellogg and gave the company a “hold” rating in a report on Thursday. Royal Bank of Canada lowered their price target on Kellogg to $72.00 and set a “market perform” rating for the company in a report on Thursday. Piper Jaffray Companies lowered their price target on Kellogg from $79.00 to $74.00 and set an “overweight” rating for the company in a report on Thursday. Finally, Credit Suisse Group lowered their price target on Kellogg from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $71.53.

Shares of NYSE:K opened at $63.00 on Friday. The company has a market capitalization of $22.70 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 2.00 and a beta of 0.50. Kellogg has a 52 week low of $56.40 and a 52 week high of $74.98. The company has a quick ratio of 0.50, a current ratio of 0.84 and a debt-to-equity ratio of 2.41.

Kellogg (NYSE:K) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $1.03 EPS. On average, sell-side analysts predict 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 paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is 55.45%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the company’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $71.20, for a total transaction of $10,680,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $72.25, for a total value of $4,815,823.75. The disclosure for this sale can be found here. Insiders sold 636,655 shares of company stock valued at $45,829,574 in the last three months. 1.40% of the stock is currently owned by insiders.

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: What is a stock split?

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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