BlackRock Inc. grew its stake in shares of Kellogg (NYSE:K) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,688,888 shares of the company’s stock after acquiring an additional 3,421,334 shares during the period. BlackRock Inc. owned 0.07% of Kellogg worth $1,678,353,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Calton & Associates Inc. acquired a new stake in shares of Kellogg in the 4th quarter valued at $112,000. CLS Investments LLC acquired a new stake in shares of Kellogg in the 3rd quarter valued at $124,000. Resources Investment Advisors Inc. lifted its stake in shares of Kellogg by 65.7% in the 4th 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. SeaCrest Wealth Management LLC acquired a new stake in shares of Kellogg in the 4th quarter valued at $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas acquired a new stake in shares of Kellogg in the 4th quarter valued at $163,000. Institutional investors and hedge funds own 90.18% of the company’s stock.
Several research firms recently issued reports on K. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $77.00 price objective (up previously from $72.00) on shares of Kellogg in a research note on Thursday. Barclays reaffirmed a “sell” rating and issued a $69.00 price objective on shares of Kellogg in a research note on Sunday, February 11th. Morgan Stanley lifted their price objective on shares of Kellogg from $69.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, February 9th. Bank of America lifted their price objective on shares of Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a research note on Friday, February 9th. Finally, Citigroup reduced their price objective on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and an average price target of $73.50.
Kellogg (NYSE K) opened at $69.66 on Monday. The firm has a market cap of $24,065.65, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 2.15 and a beta of 0.47. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 3.52. Kellogg has a 52-week low of $58.76 and a 52-week high of $75.31.
Kellogg (NYSE:K) last released its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. The firm had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 EPS. equities analysts expect that Kellogg will post 4.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.10%. Kellogg’s dividend payout ratio is 59.67%.
Kellogg declared that its Board of Directors has approved a share buyback plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $65.14, for a total transaction of $5,120,394.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the company’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. In the last three months, insiders have sold 306,316 shares of company stock valued at $20,381,841. Company insiders own 1.30% of the company’s stock.
Kellogg Company Profile
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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