Biechele Royce Advisors Purchases New Holdings in Kellogg (K)
Biechele Royce Advisors purchased a new stake in Kellogg (NYSE:K) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 67,315 shares of the company’s stock, valued at approximately $3,838,000. Kellogg comprises about 2.8% of Biechele Royce Advisors’ portfolio, making the stock its 15th largest holding.
A number of other hedge funds and other institutional investors also recently made changes to their positions in K. Bank of New York Mellon Corp increased its holdings in shares of Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after buying an additional 1,076,748 shares during the last quarter. Morgan Stanley increased its holdings in shares of Kellogg by 70.2% in the 3rd quarter. Morgan Stanley now owns 1,730,012 shares of the company’s stock worth $121,137,000 after buying an additional 713,311 shares during the last quarter. Vanguard Group Inc increased its holdings in shares of Kellogg by 3.4% in the 3rd quarter. Vanguard Group Inc now owns 21,245,966 shares of the company’s stock worth $1,487,643,000 after buying an additional 696,685 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Kellogg by 73.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,121,246 shares of the company’s stock worth $78,509,000 after buying an additional 474,842 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Kellogg by 148.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 684,689 shares of the company’s stock worth $47,940,000 after buying an additional 409,201 shares during the last quarter. Institutional investors own 87.01% of the company’s stock.
A number of research firms have recently weighed in on K. TheStreet downgraded shares of Kellogg from a “b-” rating to a “c” rating in a report on Thursday, February 7th. Credit Suisse Group dropped their price target on shares of Kellogg from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, November 1st. ValuEngine cut shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Citigroup dropped their price target on shares of Kellogg from $87.00 to $79.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Finally, Piper Jaffray Companies set a $69.00 price target on shares of Kellogg and gave the stock a “buy” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $64.92.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, February 7th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a net margin of 9.86% and a return on equity of 47.10%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 EPS. As a group, research analysts expect that Kellogg will post 4.06 earnings per share for the current fiscal year.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the business’s stock in a transaction dated Tuesday, November 20th. The shares were sold at an average price of $62.24, for a total value of $11,203,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Steven A. Cahillane acquired 17,825 shares of the stock in a transaction on Monday, November 19th. The stock was bought at an average cost of $61.63 per share, with a total value of $1,098,554.75. The disclosure for this purchase can be found here. Over the last three months, insiders sold 680,000 shares of company stock valued at $40,102,200. 1.40% of the stock is owned by corporate insiders.
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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