Martingale Asset Management L P Trims Holdings in Kellogg Company (NYSE:K)

Martingale Asset Management L P trimmed its position in Kellogg Company (NYSE:K) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 287,973 shares of the company’s stock after selling 6,103 shares during the quarter. Martingale Asset Management L P owned 0.08% of Kellogg worth $20,003,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in K. BlackRock Inc. grew its stake in shares of Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock valued at $1,464,385,000 after buying an additional 19,484,390 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Kellogg by 891.0% in the first quarter. Ameriprise Financial Inc. now owns 2,401,808 shares of the company’s stock valued at $174,393,000 after buying an additional 2,159,450 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock valued at $229,273,000 after buying an additional 1,336,400 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Kellogg by 81.3% in the second quarter. Schroder Investment Management Group now owns 1,563,641 shares of the company’s stock valued at $107,406,000 after buying an additional 701,375 shares in the last quarter. Institutional investors own 85.42% of the company’s stock.

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A number of equities research analysts have weighed in on K shares. Piper Jaffray Companies set a $78.00 price objective on Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. Royal Bank Of Canada lowered their price objective on Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 1st. J P Morgan Chase & Co upgraded Kellogg from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $76.00 to $78.00 in a research note on Friday, August 4th. Zacks Investment Research lowered Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $74.00 target price (up previously from $71.00) on shares of Kellogg in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $74.50.

Shares of Kellogg Company (NYSE K) traded up 1.04% during mid-day trading on Friday, reaching $68.32. The company’s stock had a trading volume of 2,579,089 shares. The company has a 50 day moving average of $68.39 and a 200-day moving average of $70.57. Kellogg Company has a 12 month low of $65.06 and a 12 month high of $78.69. The firm has a market capitalization of $23.58 billion, a P/E ratio of 30.93 and a beta of 0.49.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. Equities research analysts forecast that Kellogg Company will post $3.98 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.54 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Wednesday, August 30th. Kellogg’s payout ratio is presently 97.74%.

Kellogg Profile

Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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