Farmers National Bank trimmed its position in Kellogg (NYSE:K) by 19.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,981 shares of the company’s stock after selling 985 shares during the period. Farmers National Bank’s holdings in Kellogg were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in K. Resources Investment Advisors Inc. boosted its holdings in Kellogg by 65.7% in the fourth 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 last quarter. Citizens Financial Group Inc RI boosted its holdings in Kellogg by 31.7% in the fourth quarter. Citizens Financial Group Inc RI now owns 3,147 shares of the company’s stock valued at $214,000 after purchasing an additional 757 shares during the last quarter. Van Hulzen Asset Management LLC boosted its holdings in Kellogg by 24.5% in the third quarter. Van Hulzen Asset Management LLC now owns 4,046 shares of the company’s stock valued at $252,000 after purchasing an additional 796 shares during the last quarter. Westpac Banking Corp boosted its holdings in Kellogg by 0.4% in the fourth quarter. Westpac Banking Corp now owns 184,330 shares of the company’s stock valued at $12,531,000 after purchasing an additional 808 shares during the last quarter. Finally, Global X Management Co. LLC boosted its holdings in Kellogg by 10.0% in the fourth quarter. Global X Management Co. LLC now owns 9,390 shares of the company’s stock valued at $638,000 after purchasing an additional 855 shares during the last quarter. 91.85% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have commented on K. Zacks Investment Research raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Friday. Piper Jaffray Companies raised shares of Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 price target on the stock in a report on Wednesday, February 28th. Barclays reaffirmed a “sell” rating and issued a $69.00 price target on shares of Kellogg in a report on Sunday, February 11th. Morgan Stanley upped their price target on shares of Kellogg from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Friday, February 9th. Finally, Bank of America upped their price target on shares of Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $73.88.
In related news, Vice Chairman Gary H. Pilnick sold 4,400 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $67.55, for a total value of $297,220.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. Insiders sold a total of 623,763 shares of company stock worth $42,787,777 over the last ninety days. 1.40% of the stock is currently owned by corporate insiders.
Shares of Kellogg stock opened at $66.44 on Monday. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.41 and a current ratio of 0.68. Kellogg has a 12 month low of $58.76 and a 12 month high of $75.31. The stock has a market cap of $22,971.54, a PE ratio of 16.45, a PEG ratio of 2.04 and a beta of 0.48.
Kellogg (NYSE:K) last posted its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period in the prior year, the company posted $0.92 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. research analysts predict that Kellogg will post 4.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Monday, March 5th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Friday, March 2nd. Kellogg’s dividend payout ratio is presently 59.67%.
Kellogg declared that its Board of Directors has authorized a share buyback plan 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. Shares repurchase plans are generally 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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