Comerica Bank Lowers stake in Kellogg Company (K)

Kellogg Company (K) : Comerica Bank reduced its stake in Kellogg Company by 4.56% during the most recent quarter end. The investment management company now holds a total of 440,871 shares of Kellogg Company which is valued at $34 Million after selling 21,042 shares in Kellogg Company , the firm said in a disclosure report filed with the SEC on May 11, 2016.Kellogg Company makes up approximately 0.31% of Comerica Bank’s portfolio.

Other Hedge Funds, Including , Shufro Rose Co boosted its stake in K in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 2,880 shares of Kellogg Company which is valued at $222,307. Kellogg Company makes up approx 0.03% of Shufro Rose Co’s portfolio.Blackrock Investment Management reduced its stake in K by selling 39,911 shares or 7.06% in the most recent quarter. The Hedge Fund company now holds 525,398 shares of K which is valued at $40.6 Million. Kellogg Company makes up approx 0.05% of Blackrock Investment Management’s portfolio.Tiaa Cref Investment Management boosted its stake in K in the latest quarter, The investment management firm added 8,600 additional shares and now holds a total of 1,273,387 shares of Kellogg Company which is valued at $95.5 Million. Kellogg Company makes up approx 0.07% of Tiaa Cref Investment Management’s portfolio.Teachers Advisors Inc boosted its stake in K in the latest quarter, The investment management firm added 60,670 additional shares and now holds a total of 587,850 shares of Kellogg Company which is valued at $44.1 Million. Kellogg Company makes up approx 0.08% of Teachers Advisors Inc’s portfolio.

Kellogg Company opened for trading at $77.01 and hit $77.44 on the upside on Monday, eventually ending the session at $77.23, with a gain of 0.05% or 0.04 points. The heightened volatility saw the trading volume jump to 16,22,586 shares. Company has a market cap of $27,034 M.

On the company’s financial health, Kellogg Company reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.94. The company had revenue of $3395.00 million for the quarter, compared to analysts expectations of $3466.55 million. The company’s revenue was down -4.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.98 EPS.

Investors should note that on Apr 29, 2016, Kellogg Company announced a cash dividend of $0.5000. The company’s management has announced May 27, 2016 as the ex-dividend date and fixed the record date on Jun 1, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on Kellogg Company. Company shares were Reiterated by Credit Suisse on Apr 6, 2016 to “Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $82 .Kellogg Company was Upgraded by Goldman to ” Neutral” on Mar 16, 2016. Company shares were Reiterated by RBC Capital Mkts on Feb 12, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 78 from a previous price target of $74 .

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. The Company’s cereal products are generally marketed under the Kellogg’s name and are sold to the grocery trade through direct sales forces for resale to consumers. The Company also markets cookies crackers crisps and other convenience foods under brands such as Kellogg’s Keebler Cheez-It Murray Austin and Famous Amos to supermarkets in the United States through a direct store-door (DSD) delivery system although other distribution methods are also used. The Company uses broker and distributor arrangements for certain products. It also uses similar arrangements in less-developed market areas or in those market areas outside of its focus.

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