Belpointe Asset Management LLC Boosts Holdings in Kellogg’s (K)

Belpointe Asset Management LLC raised its holdings in shares of Kellogg’s (NYSE:K) by 59.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,917 shares of the company’s stock after buying an additional 3,679 shares during the period. Belpointe Asset Management LLC’s holdings in Kellogg’s were worth $674,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. M Holdings Securities Inc. purchased a new stake in shares of Kellogg’s in the fourth quarter worth $2,516,000. Zeke Capital Advisors LLC increased its stake in shares of Kellogg’s by 103.2% in the fourth quarter. Zeke Capital Advisors LLC now owns 11,819 shares of the company’s stock worth $803,000 after purchasing an additional 6,003 shares in the last quarter. Biltmore Family Office LLC purchased a new stake in shares of Kellogg’s in the fourth quarter worth $534,000. LPL Financial LLC increased its stake in shares of Kellogg’s by 4.2% in the fourth quarter. LPL Financial LLC now owns 25,209 shares of the company’s stock worth $1,714,000 after purchasing an additional 1,026 shares in the last quarter. Finally, Covington Capital Management increased its stake in shares of Kellogg’s by 3,815.0% in the fourth quarter. Covington Capital Management now owns 3,915 shares of the company’s stock worth $266,000 after purchasing an additional 3,815 shares in the last quarter. 91.87% of the stock is owned by institutional investors and hedge funds.

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K has been the subject of a number of analyst reports. Citigroup increased their price objective on shares of Kellogg’s from $86.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Credit Suisse Group increased their price objective on shares of Kellogg’s from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 6th. Piper Jaffray raised shares of Kellogg’s from a “neutral” rating to an “overweight” rating and set a $80.00 price objective for the company in a research note on Wednesday, February 28th. Zacks Investment Research lowered shares of Kellogg’s from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Susquehanna Bancshares set a $69.00 target price on shares of Kellogg’s and gave the stock a “hold” rating in a research report on Monday, February 5th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. Kellogg’s presently has a consensus rating of “Hold” and an average target price of $73.65.

In other news, 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 value of $12,155,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Gary H. Pilnick sold 4,400 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $67.55, for a total transaction of $297,220.00. The disclosure for this sale can be found here. Insiders have sold 623,763 shares of company stock valued at $42,787,777 in the last quarter. 1.40% of the stock is owned by company insiders.

K stock traded down $0.32 during trading on Friday, hitting $64.24. 1,653,445 shares of the company’s stock traded hands, compared to its average volume of 2,845,480. Kellogg’s has a 52 week low of $58.76 and a 52 week high of $74.28. 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 firm has a market capitalization of $22,321.54, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 1.98 and a beta of 0.45.

Kellogg’s (NYSE:K) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.96 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. Kellogg’s had a net margin of 9.82% and a return on equity of 70.35%. The business had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the business earned $0.92 earnings per share. Kellogg’s’s quarterly revenue was up 3.6% compared to the same quarter last year. analysts anticipate that Kellogg’s will post 4.46 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Monday, March 5th were given a dividend of $0.54 per share. The ex-dividend date was Friday, March 2nd. This represents a $2.16 annualized dividend and a yield of 3.36%. Kellogg’s’s dividend payout ratio (DPR) is currently 53.47%.

Kellogg’s declared that its board has approved a stock 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 reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

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Kellogg’s Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.

Institutional Ownership by Quarter for Kellogg`s (NYSE:K)

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