Salem Investment Counselors Inc Lowers stake in Kellogg Company (K)

Kellogg Company (K) : Salem Investment Counselors Inc reduced its stake in Kellogg Company by 9.38% during the most recent quarter end. The investment management company now holds a total of 113,420 shares of Kellogg Company which is valued at $8.8 Million after selling 11,745 shares in Kellogg Company , the firm said in a disclosure report filed with the SEC on May 13, 2016.Kellogg Company makes up approximately 1.10% of Salem Investment Counselors Inc’s portfolio.

Other Hedge Funds, Including , Fayez Sarofim Co reduced its stake in K by selling 500 shares or 0.07% in the most recent quarter. The Hedge Fund company now holds 759,237 shares of K which is valued at $58.6 Million. Kellogg Company makes up approx 0.33% of Fayez Sarofim Co’s portfolio.Employees Retirement System Of Texas reduced its stake in K by selling 282,600 shares or 78.15% in the most recent quarter. The Hedge Fund company now holds 79,000 shares of K which is valued at $6.1 Million. Kellogg Company makes up approx 0.08% of Employees Retirement System Of Texas’s portfolio.Mitsubishi Ufj Trust Banking Corp boosted its stake in K in the latest quarter, The investment management firm added 4,205 additional shares and now holds a total of 581,789 shares of Kellogg Company which is valued at $44.9 Million. Kellogg Company makes up approx 0.10% of Mitsubishi Ufj Trust Banking Corp’s portfolio.Richard C. Young Ltd. reduced its stake in K by selling 4,251 shares or 3.1% in the most recent quarter. The Hedge Fund company now holds 133,038 shares of K which is valued at $10.3 Million. Kellogg Company makes up approx 2.28% of Richard C. Young Ltd.’s portfolio.Global X Management Co boosted its stake in K in the latest quarter, The investment management firm added 400 additional shares and now holds a total of 462 shares of Kellogg Company which is valued at $34,659.

Kellogg Company opened for trading at $74.71 and hit $75.12 on the upside on Wednesday, eventually ending the session at $74.75, with a gain of 0.13% or 0.1 points. The heightened volatility saw the trading volume jump to 14,79,081 shares. Company has a market cap of $26,166 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.

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.

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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