Covington Capital Management Grows Stake in Kellogg (NYSE:K)

Covington Capital Management increased its stake in Kellogg (NYSE:K) by 9.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,554 shares of the company’s stock after acquiring an additional 304 shares during the period. Covington Capital Management’s holdings in Kellogg were worth $246,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Logan Capital Management Inc. grew its position in Kellogg by 53.8% in the fourth quarter. Logan Capital Management Inc. now owns 42,099 shares of the company’s stock worth $2,912,000 after acquiring an additional 14,723 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Kellogg by 16.6% during the fourth quarter. Advisors Asset Management Inc. now owns 28,253 shares of the company’s stock valued at $1,954,000 after buying an additional 4,019 shares during the period. Captrust Financial Advisors boosted its position in shares of Kellogg by 45.6% during the fourth quarter. Captrust Financial Advisors now owns 5,061 shares of the company’s stock valued at $342,000 after buying an additional 1,586 shares during the period. Orion Portfolio Solutions LLC purchased a new position in shares of Kellogg during the fourth quarter valued at approximately $27,000. Finally, Keebeck Wealth Management LLC purchased a new position in shares of Kellogg during the fourth quarter valued at approximately $567,000. Institutional investors own 87.02% of the company’s stock.

Several research analysts have issued reports on K shares. Royal Bank of Canada restated a “hold” rating and set a $68.00 target price on shares of Kellogg in a research report on Monday. Morgan Stanley dropped their target price on Kellogg from $63.00 to $62.00 and set an “equal weight” rating for the company in a research report on Monday. BMO Capital Markets upgraded Kellogg from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $70.00 to $79.00 in a research report on Thursday, January 9th. Deutsche Bank started coverage on Kellogg in a research report on Wednesday, December 11th. They set a “buy” rating and a $74.00 target price for the company. Finally, Bank of America upgraded Kellogg from a “neutral” rating to a “buy” rating and boosted their target price for the company from $53.00 to $75.00 in a research report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $68.63.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $70.61, for a total value of $7,061,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven A. Cahillane acquired 16,810 shares of Kellogg stock in a transaction that occurred on Monday, February 10th. The stock was acquired at an average cost of $65.33 per share, with a total value of $1,098,197.30. Following the purchase, the chief executive officer now directly owns 50,565 shares of the company’s stock, valued at $3,303,411.45. The disclosure for this purchase can be found here. Insiders sold 400,000 shares of company stock valued at $26,201,000 in the last quarter. 1.10% of the stock is owned by company insiders.

Shares of NYSE K opened at $56.17 on Thursday. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.46 and a current ratio of 0.72. The firm has a market capitalization of $19.27 billion, a price-to-earnings ratio of 20.06, a PEG ratio of 3.92 and a beta of 0.66. The stock has a 50 day moving average price of $63.55 and a 200 day moving average price of $65.05. Kellogg has a 52-week low of $51.34 and a 52-week high of $71.05.

Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.18 billion. Kellogg had a return on equity of 41.84% and a net margin of 7.07%. Kellogg’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 earnings per share. Analysts forecast that Kellogg will post 3.74 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Tuesday, March 3rd were issued a $0.57 dividend. The ex-dividend date was Monday, March 2nd. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.06%. Kellogg’s payout ratio is 57.87%.

Kellogg Profile

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

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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