CIBC World Markets Inc. lowered its stake in shares of Kellogg (NYSE:K) by 54.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,666 shares of the company’s stock after selling 17,507 shares during the quarter. CIBC World Markets Inc.’s holdings in Kellogg were worth $997,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in K. Ameriprise Financial Inc. lifted its position in Kellogg by 34.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock worth $251,883,000 after buying an additional 1,030,264 shares in the last quarter. American Century Companies Inc. lifted its position in Kellogg by 36.7% during the 3rd quarter. American Century Companies Inc. now owns 3,056,142 shares of the company’s stock worth $190,612,000 after buying an additional 820,277 shares in the last quarter. Schroder Investment Management Group lifted its position in Kellogg by 45.2% during the 3rd quarter. Schroder Investment Management Group now owns 2,270,604 shares of the company’s stock worth $142,617,000 after buying an additional 706,963 shares in the last quarter. Nordea Investment Management AB lifted its position in Kellogg by 15,410.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock worth $141,596,000 after buying an additional 2,255,617 shares in the last quarter. Finally, HS Management Partners LLC acquired a new position in Kellogg during the 3rd quarter worth about $122,431,000. 90.18% of the stock is currently owned by hedge funds and other institutional investors.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of Kellogg stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of Kellogg stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $65.00, for a total value of $207,675.00. The disclosure for this sale can be found here. Insiders have sold a total of 306,316 shares of company stock worth $20,381,841 in the last quarter. Company insiders own 1.30% of the company’s stock.
A number of research analysts have issued reports on K shares. Citigroup upped their target price on shares of Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. UBS Group lowered their price target on Kellogg from $72.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, November 1st. Credit Suisse Group upped their price target on Kellogg from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, February 6th. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research note on Wednesday, November 22nd. Finally, Piper Jaffray Companies set a $72.00 price target on Kellogg and gave the company a “hold” rating in a research note on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $73.19.
Shares of Kellogg (K) traded up $0.21 during trading on Wednesday, reaching $67.70. The company’s stock had a trading volume of 633,332 shares, compared to its average volume of 3,238,739. Kellogg has a fifty-two week low of $58.76 and a fifty-two week high of $76.44. The firm has a market cap of $23,170.85, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 2.27 and a beta of 0.47. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 3.52.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The business had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter last year, the firm posted $0.92 EPS. The company’s quarterly revenue was up 3.6% on a year-over-year basis. sell-side analysts expect that Kellogg will post 4.44 EPS for the current year.
Kellogg announced that its Board of Directors has initiated a stock buyback program on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
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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.
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