Bennicas & Associates Inc. cut its holdings in shares of Kellogg (NYSE:K) by 11.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,175 shares of the company’s stock after selling 2,450 shares during the quarter. Bennicas & Associates Inc.’s holdings in Kellogg were worth $1,174,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of the business. Raymond James Trust N.A. increased its holdings in shares of Kellogg by 33.9% in the third quarter. Raymond James Trust N.A. now owns 5,401 shares of the company’s stock worth $349,000 after purchasing an additional 1,367 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Kellogg by 170.5% in the third quarter. Avantax Advisory Services Inc. now owns 10,741 shares of the company’s stock worth $698,000 after purchasing an additional 6,770 shares during the last quarter. Cornell Pochily Investment Advisors Inc. bought a new stake in shares of Kellogg in the third quarter worth about $318,000. DNB Asset Management AS increased its holdings in shares of Kellogg by 1.0% in the third quarter. DNB Asset Management AS now owns 67,430 shares of the company’s stock worth $4,355,000 after purchasing an additional 697 shares during the last quarter. Finally, North Star Investment Management Corp. increased its holdings in shares of Kellogg by 2.9% in the third quarter. North Star Investment Management Corp. now owns 14,408 shares of the company’s stock worth $931,000 after purchasing an additional 402 shares during the last quarter. 85.26% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently commented on K shares. Goldman Sachs Group lowered Kellogg from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $71.00 to $73.00 in a research report on Thursday, July 30th. Zacks Investment Research upgraded Kellogg from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Wednesday, July 29th. Seaport Global Securities started coverage on Kellogg in a research report on Tuesday, July 28th. They issued a “buy” rating and a $76.00 price target for the company. Royal Bank of Canada restated a “hold” rating and set a $69.00 target price on shares of Kellogg in a research report on Tuesday, July 28th. Finally, Morgan Stanley boosted their target price on Kellogg from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, July 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $71.63.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.31 billion. Kellogg had a net margin of 8.09% and a return on equity of 43.36%. Kellogg’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.01 earnings per share. On average, sell-side analysts expect that Kellogg will post 3.96 EPS for the current year.
In other Kellogg news, CEO Steven A. Cahillane purchased 2,727 shares of Kellogg stock in a transaction dated Monday, August 3rd. The shares were acquired at an average cost of $69.32 per share, with a total value of $189,035.64. Following the completion of the transaction, the chief executive officer now owns 53,292 shares in the company, valued at approximately $3,694,201.44. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $67.48, for a total value of $6,748,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 557,500 shares of company stock worth $37,348,289. Insiders own 1.10% of the company’s stock.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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