Lazard Asset Management Lowers stake in Kellogg Company (K)

Kellogg Company (K) : Lazard Asset Management reduced its stake in Kellogg Company by 25.34% during the most recent quarter end. The investment management company now holds a total of 5,798,344 shares of Kellogg Company which is valued at $484,335,674 after selling 1,967,772 shares in Kellogg Company , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Kellogg Company makes up approximately 1.09% of Lazard Asset Management’s portfolio.

Other Hedge Funds, Including , Springbok Capital Management sold out all of its stake in K during the most recent quarter. The investment firm sold 16,818 shares of K which is valued $1,404,808.Wfg Advisors Lp reduced its stake in K by selling 95 shares or 1.81% in the most recent quarter. The Hedge Fund company now holds 5,151 shares of K which is valued at $430,263. Kellogg Company makes up approx 0.11% of Wfg Advisors Lp’s portfolio.Clifford Swan Investment Counsel reduced its stake in K by selling 1,566 shares or 7.31% in the most recent quarter. The Hedge Fund company now holds 19,870 shares of K which is valued at $1,659,741. Kellogg Company makes up approx 0.11% of Clifford Swan Investment Counsel’s portfolio.Bridge Creek Capital Management reduced its stake in K by selling 2,640 shares or 6.63% in the most recent quarter. The Hedge Fund company now holds 37,153 shares of K which is valued at $3,072,925. Kellogg Company makes up approx 1.77% of Bridge Creek Capital Management’s portfolio.

Kellogg Company closed down -0.52 points or -0.63% at $81.69 with 15,43,092 shares getting traded on Thursday. Post opening the session at $81.88, the shares hit an intraday low of $81.31 and an intraday high of $82.04 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Kellogg Company reported $0.91 EPS for the quarter, based on the information available during the earnings call on Aug 4, 2016. Analyst had a consensus estimate of $0.91. The company had revenue of $3268.00 million for the quarter, compared to analysts expectations of $3362.13 million. The company’s revenue was down -6.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.92 EPS.

Many Wall Street Analysts have commented on Kellogg Company. Company shares were Reiterated by Citigroup on Aug 5, 2016 to “Buy”, Firm has raised the Price Target to $ 100 from a previous price target of $90 .Company shares were Reiterated by RBC Capital Mkts on Aug 5, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 86 from a previous price target of $82 .Company shares were Reiterated by Credit Suisse on Jul 21, 2016 to “Outperform”, Firm has raised the Price Target to $ 94 from a previous price target of $84 .

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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