California State Teachers Retirement System reduced its stake in shares of Kellogg (NYSE:K) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 415,462 shares of the company’s stock after selling 13,196 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Kellogg worth $28,243,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of the business. Sun Life Financial INC boosted its holdings in shares of Kellogg by 73.4% during the 4th quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock valued at $1,617,000 after buying an additional 10,069 shares in the last quarter. Flippin Bruce & Porter Inc. bought a new stake in shares of Kellogg during the 4th quarter valued at $3,647,000. State of Tennessee Treasury Department boosted its holdings in shares of Kellogg by 76.5% during the 4th quarter. State of Tennessee Treasury Department now owns 119,348 shares of the company’s stock valued at $8,113,000 after buying an additional 51,735 shares in the last quarter. Brown Advisory Securities LLC bought a new stake in shares of Kellogg during the 4th quarter valued at $434,000. Finally, Bbva Compass Bancshares Inc. boosted its holdings in shares of Kellogg by 21.9% during the 4th quarter. Bbva Compass Bancshares Inc. now owns 6,305 shares of the company’s stock valued at $429,000 after buying an additional 1,134 shares in the last quarter. 91.89% of the stock is currently owned by institutional investors and hedge funds.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $69.47, for a total transaction of $14,241,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Amit Banati sold 2,767 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $67.97, for a total transaction of $188,072.99. 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 in the last 90 days. Company insiders own 1.40% of the company’s stock.
K has been the topic of a number of research reports. Citigroup dropped their target price on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Pivotal Research assumed coverage on shares of Kellogg in a research note on Monday, February 5th. They issued a “buy” rating and a $80.00 price target on the stock. Argus upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a research note on Wednesday, November 22nd. Zacks Investment Research upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Friday. Finally, Morgan Stanley upped their price target on shares of Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Friday, February 9th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. Kellogg currently has an average rating of “Hold” and a consensus price target of $73.88.
Kellogg (NYSE:K) opened at $66.44 on Friday. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.41 and a current ratio of 0.68. The stock has a market cap of $23,856.66, a PE ratio of 18.35, a price-to-earnings-growth ratio of 2.12 and a beta of 0.48. Kellogg has a one year low of $58.76 and a one year high of $75.31.
Kellogg (NYSE:K) last posted its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 EPS. equities research analysts forecast that Kellogg will post 4.45 earnings per share for the current fiscal year.
Kellogg announced that its board has approved a stock buyback plan on Friday, December 15th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced 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 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend was Friday, March 2nd. Kellogg’s dividend payout ratio is currently 59.67%.
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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