Kellogg (K) Shares Sold by Wesbanco Bank Inc.

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Wesbanco Bank Inc. cut its stake in shares of Kellogg (NYSE:K) by 7.2% during the 4th quarter, HoldingsChannel reports. The fund owned 8,671 shares of the company’s stock after selling 671 shares during the period. Wesbanco Bank Inc.’s holdings in Kellogg were worth $495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Highwater Wealth Management LLC acquired a new position in Kellogg during the fourth quarter worth $70,000. PNC Financial Services Group Inc. raised its holdings in Kellogg by 46.2% during the third quarter. PNC Financial Services Group Inc. now owns 389,170 shares of the company’s stock worth $27,251,000 after buying an additional 123,011 shares during the last quarter. Aperio Group LLC raised its holdings in Kellogg by 5.2% during the third quarter. Aperio Group LLC now owns 153,080 shares of the company’s stock worth $10,719,000 after buying an additional 7,618 shares during the last quarter. Standard Life Aberdeen plc raised its holdings in Kellogg by 6.3% during the third quarter. Standard Life Aberdeen plc now owns 110,800 shares of the company’s stock worth $7,758,000 after buying an additional 6,519 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in Kellogg by 15.1% during the fourth quarter. State of Alaska Department of Revenue now owns 90,154 shares of the company’s stock worth $5,138,000 after buying an additional 11,859 shares during the last quarter. 87.01% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have recently commented 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 lowered their target price on shares of Kellogg from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Thursday, November 1st. ValuEngine downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Citigroup lowered their target price on shares of Kellogg from $87.00 to $79.00 and set a “buy” rating for the company in a report on Thursday, November 1st. Finally, Piper Jaffray Companies set a $69.00 price objective on shares of Kellogg and gave the company a “buy” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $64.92.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of Kellogg stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $62.24, for a total transaction of $11,203,200.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Steven A. Cahillane purchased 17,825 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were acquired at an average cost of $61.63 per share, for a total transaction of $1,098,554.75. The disclosure for this purchase can be found here. Insiders sold 680,000 shares of company stock worth $40,102,200 over the last ninety days. 1.40% of the stock is currently owned by insiders.

Shares of K stock traded up $0.51 during trading hours on Tuesday, reaching $56.18. The stock had a trading volume of 1,112,201 shares, compared to its average volume of 2,679,942. The company has a current ratio of 0.70, a quick ratio of 0.40 and a debt-to-equity ratio of 2.60. Kellogg has a 12 month low of $54.14 and a 12 month high of $74.98. The firm has a market capitalization of $19.21 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 2.21 and a beta of 0.58.

Kellogg (NYSE:K) last announced its earnings results on Thursday, February 7th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.31 billion. Kellogg had a net margin of 9.86% and a return on equity of 47.10%. Kellogg’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the firm posted $0.96 earnings per share. Sell-side analysts predict that Kellogg will post 4.06 EPS for the current year.

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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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Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg (NYSE:K).

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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