Elkhorn Investments LLC decreased its holdings in Kellogg’s (NYSE:K) by 14.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,464 shares of the company’s stock after selling 2,572 shares during the quarter. Elkhorn Investments LLC’s holdings in Kellogg’s were worth $1,077,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in K. Resources Investment Advisors Inc. grew its holdings in Kellogg’s by 65.7% in the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock worth $127,000 after buying an additional 737 shares in the last quarter. Citizens Financial Group Inc RI grew its holdings in Kellogg’s by 31.7% in the 4th quarter. Citizens Financial Group Inc RI now owns 3,147 shares of the company’s stock worth $214,000 after buying an additional 757 shares in the last quarter. Van Hulzen Asset Management LLC grew its holdings in Kellogg’s by 24.5% in the 3rd quarter. Van Hulzen Asset Management LLC now owns 4,046 shares of the company’s stock worth $252,000 after buying an additional 796 shares in the last quarter. Westpac Banking Corp grew its holdings in Kellogg’s by 0.4% in the 4th quarter. Westpac Banking Corp now owns 184,330 shares of the company’s stock worth $12,531,000 after buying an additional 808 shares in the last quarter. Finally, Global X Management Co. LLC grew its holdings in Kellogg’s by 10.0% in the 4th quarter. Global X Management Co. LLC now owns 9,390 shares of the company’s stock worth $638,000 after buying an additional 855 shares in the last quarter. Institutional investors and hedge funds own 91.87% of the company’s stock.
In other news, insider Paul T. Norman sold 167,497 shares of Kellogg’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $68.86, for a total value of $11,533,843.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of Kellogg’s stock in a transaction that occurred on 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. In the last 90 days, insiders have sold 623,763 shares of company stock valued at $42,787,777. Corporate insiders own 1.40% of the company’s stock.
K stock opened at $64.24 on Friday. Kellogg’s has a twelve month low of $58.76 and a twelve month high of $74.28. The stock has a market cap of $22,449.46, a P/E ratio of 15.90, a PEG ratio of 2.00 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 (NYSE:K) last released its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.96. Kellogg’s had a return on equity of 70.35% and a net margin of 9.82%. The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period last year, the business earned $0.92 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. sell-side analysts predict that Kellogg’s will post 4.45 earnings per share for the current fiscal year.
Kellogg’s declared that its board has initiated a share repurchase plan on Friday, December 15th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Monday, March 5th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend was Friday, March 2nd. Kellogg’s’s dividend payout ratio is 53.47%.
A number of equities analysts have issued reports on K shares. DZ Bank lowered Kellogg’s from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. Citigroup raised their price objective on Kellogg’s from $86.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Pivotal Research started coverage on Kellogg’s in a research note on Monday, February 5th. They set a “buy” rating and a $80.00 price objective for the company. Susquehanna Bancshares set a $69.00 price objective on Kellogg’s and gave the stock a “hold” rating in a research note on Monday, February 5th. Finally, Credit Suisse Group increased their target price on Kellogg’s from $68.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target 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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