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Commonwealth Equity Services LLC Cuts Position in Kellogg (NYSE:K)

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Commonwealth Equity Services LLC decreased its position in Kellogg (NYSE:K – Get Rating) by 2.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 219,785 shares of the company's stock after selling 5,589 shares during the quarter. Commonwealth Equity Services LLC owned 0.07% of Kellogg worth $15,679,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in K. Adage Capital Partners GP L.L.C. increased its position in shares of Kellogg by 2.3% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company's stock worth $17,563,000 after acquiring an additional 6,100 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Kellogg during the first quarter worth $1,949,000. IFM Investors Pty Ltd increased its position in shares of Kellogg by 13.6% during the first quarter. IFM Investors Pty Ltd now owns 39,585 shares of the company's stock worth $2,553,000 after acquiring an additional 4,751 shares during the period. Seven Eight Capital LP acquired a new position in shares of Kellogg during the fourth quarter worth $420,000. Finally, Wetherby Asset Management Inc. grew its stake in shares of Kellogg by 8.0% during the fourth quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company's stock worth $283,000 after purchasing an additional 326 shares in the last quarter. Hedge funds and other institutional investors own 84.51% of the company's stock.

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Insider Transactions at Kellogg

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $72.68, for a total transaction of $10,622,400.04. Following the completion of the transaction, the insider now directly owns 57,170,297 shares of the company's stock, valued at $4,155,137,185.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $72.68, for a total transaction of $10,622,400.04. Following the completion of the transaction, the insider now directly owns 57,170,297 shares of the company's stock, valued at $4,155,137,185.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Amit Banati sold 6,960 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $74.00, for a total transaction of $515,040.00. Following the transaction, the chief financial officer now directly owns 52,772 shares of the company's stock, valued at $3,905,128. The disclosure for this sale can be found here. Over the last quarter, insiders sold 996,199 shares of company stock worth $73,257,333. Company insiders own 1.40% of the company's stock.

Kellogg Price Performance

Shares of K opened at $69.66 on Friday. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.99. The company has a market capitalization of $23.69 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 4.23 and a beta of 0.43. The firm has a 50-day simple moving average of $73.50 and a 200-day simple moving average of $70.43. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.43 and a current ratio of 0.70.

Kellogg (NYSE:K – Get Rating) last announced its earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The business's quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Kellogg will post 4.12 earnings per share for the current year.

Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a dividend of $0.59 per share. This is an increase from Kellogg's previous quarterly dividend of $0.58. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.39%. Kellogg's dividend payout ratio is 54.50%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Credit Suisse Group boosted their target price on shares of Kellogg to $72.00 in a research note on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Kellogg from $74.00 to $72.00 and set a "hold" rating for the company in a research note on Wednesday, June 22nd. UBS Group downgraded shares of Kellogg from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Finally, Morgan Stanley boosted their target price on shares of Kellogg from $69.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $71.20.

Kellogg Profile

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks 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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