Biltmore Family Office LLC purchased a new position in Kellogg’s (NYSE:K) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 7,850 shares of the company’s stock, valued at approximately $534,000.
A number of other large investors have also modified their holdings of K. Nationwide Fund Advisors boosted its stake in Kellogg’s by 26.3% in the 3rd quarter. Nationwide Fund Advisors now owns 405,829 shares of the company’s stock worth $25,312,000 after buying an additional 84,474 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Kellogg’s by 19.2% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 62,595 shares of the company’s stock worth $3,904,000 after buying an additional 10,073 shares during the last quarter. Chicago Equity Partners LLC acquired a new stake in Kellogg’s in the 3rd quarter worth about $408,000. Global X MANAGEMENT CO LLC boosted its stake in Kellogg’s by 16.2% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 8,535 shares of the company’s stock worth $532,000 after buying an additional 1,192 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Kellogg’s by 49.8% in the 3rd quarter. Sei Investments Co. now owns 109,808 shares of the company’s stock valued at $6,848,000 after purchasing an additional 36,488 shares in the last quarter. 91.87% of the stock is currently owned by hedge funds and other institutional investors.
Kellogg’s stock traded down $0.32 during midday trading on Friday, hitting $64.24. 1,653,445 shares of the company were exchanged, compared to its average volume of 2,845,480. The firm has a market capitalization of $22,321.54, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.98 and a beta of 0.45. 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’s has a fifty-two week low of $58.76 and a fifty-two week high of $74.28.
Kellogg’s (NYSE:K) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. The firm had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.10 billion. Kellogg’s had a return on equity of 70.35% and a net margin of 9.82%. Kellogg’s’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. analysts forecast that Kellogg’s will post 4.46 earnings per share for the current fiscal year.
Kellogg’s announced that its board has initiated a stock repurchase program on Friday, December 15th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Monday, March 5th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Friday, March 2nd. Kellogg’s’s dividend payout ratio (DPR) is presently 53.47%.
In other Kellogg’s news, insider Amit Banati sold 2,767 shares of Kellogg’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $67.97, for a total transaction of $188,072.99. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of Kellogg’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold a total of 623,763 shares of company stock worth $42,787,777 over the last 90 days. 1.40% of the stock is owned by company insiders.
K has been the topic of several research analyst reports. Citigroup lifted their price objective on Kellogg’s from $86.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. Credit Suisse Group lifted their price objective on Kellogg’s from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, February 6th. Piper Jaffray raised Kellogg’s from a “neutral” rating to an “overweight” rating and set a $80.00 price objective on the stock in a research note on Wednesday, February 28th. Zacks Investment Research lowered Kellogg’s from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Susquehanna Bancshares set a $69.00 price objective on Kellogg’s and gave the company a “hold” rating in a research note on Monday, February 5th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $73.65.
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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.
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