Covington Capital Management lifted its position in Kellogg (NYSE:K) by 3,815.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,915 shares of the company’s stock after acquiring an additional 3,815 shares during the quarter. Covington Capital Management’s holdings in Kellogg were worth $266,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Calton & Associates Inc. acquired a new position in Kellogg during the 4th quarter valued at approximately $112,000. CLS Investments LLC acquired a new position in Kellogg during the 3rd quarter valued at approximately $124,000. Resources Investment Advisors Inc. boosted its position in Kellogg by 65.7% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock valued at $127,000 after purchasing an additional 737 shares during the period. SeaCrest Wealth Management LLC acquired a new position in Kellogg during the 4th quarter valued at approximately $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas acquired a new position in Kellogg during the 4th quarter valued at approximately $163,000. Institutional investors own 91.89% of the company’s stock.
Shares of Kellogg (K) opened at $66.99 on Friday. Kellogg has a 12 month low of $58.76 and a 12 month high of $75.31. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 3.52. The company has a market capitalization of $23,856.66, a price-to-earnings ratio of 17.08, a PEG ratio of 2.12 and a beta of 0.48.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.96 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.96. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the previous year, the business earned $0.92 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. research analysts forecast that Kellogg will post 4.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Monday, March 5th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Friday, March 2nd. Kellogg’s dividend payout ratio is presently 59.67%.
Kellogg declared that its Board of Directors has initiated a share buyback program on Friday, December 15th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of research analysts recently issued reports on K shares. Argus upgraded Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research report on Wednesday, November 22nd. DZ Bank downgraded Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. Citigroup lifted their target price on Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Pivotal Research assumed coverage on Kellogg in a research note on Monday, February 5th. They set a “buy” rating and a $80.00 target price on the stock. Finally, Susquehanna Bancshares set a $69.00 target price on Kellogg and gave the company a “hold” rating in a research note on Monday, February 5th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $73.69.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $69.47, for a total value of $14,241,350.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 13,845 shares of the business’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $67.68, for a total value of $937,029.60. The disclosure for this sale can be found here. Insiders sold a total of 623,763 shares of company stock worth $42,787,777 in the last three months. Company insiders own 1.40% of the company’s stock.
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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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