Allianz Asset Management GmbH Purchases 160,887 Shares of Kellogg (K)
Allianz Asset Management GmbH grew its position in shares of Kellogg (NYSE:K) by 141.5% in the third quarter, Holdings Channel reports. The fund owned 274,562 shares of the company’s stock after acquiring an additional 160,887 shares during the period. Allianz Asset Management GmbH’s holdings in Kellogg were worth $19,225,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC boosted its holdings in shares of Kellogg by 13.2% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 6,104 shares of the company’s stock valued at $427,000 after buying an additional 711 shares during the last quarter. Kiley Juergens Wealth Management LLC boosted its holdings in shares of Kellogg by 57.7% in the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 2,127 shares of the company’s stock valued at $148,000 after buying an additional 778 shares during the last quarter. First Midwest Bank Trust Division boosted its holdings in shares of Kellogg by 26.6% in the 3rd quarter. First Midwest Bank Trust Division now owns 3,803 shares of the company’s stock valued at $267,000 after buying an additional 800 shares during the last quarter. Van Hulzen Asset Management LLC boosted its holdings in shares of Kellogg by 1.1% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 76,058 shares of the company’s stock valued at $5,314,000 after buying an additional 814 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its holdings in shares of Kellogg by 2.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 44,755 shares of the company’s stock valued at $3,127,000 after buying an additional 893 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.
K opened at $60.84 on Friday. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.98. The company has a current ratio of 0.84, a quick ratio of 0.52 and a debt-to-equity ratio of 2.41. The firm has a market capitalization of $21.43 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 2.32 and a beta of 0.51.
The firm also recently declared 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 3.68%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.
Several equities research analysts have recently commented on the company. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Argus cut their price objective on Kellogg from $85.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. They noted that the move was a valuation call. Piper Jaffray Companies set a $79.00 price objective on Kellogg and gave the company a “buy” rating in a report on Tuesday, October 16th. Deutsche Bank dropped their price target on Kellogg from $73.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, November 1st. Finally, ValuEngine cut Kellogg from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $70.22.
In other news, Chairman Steven A. Cahillane acquired 17,825 shares of the stock in a transaction on Monday, November 19th. The shares were purchased at an average price of $61.63 per share, for a total transaction of $1,098,554.75. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total value of $14,292,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 600,000 shares of company stock worth $41,536,950. 1.40% of the stock is owned by company insiders.
Kellogg Company 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.
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