Ladenburg Thalmann Financial Services Inc. increased its position in shares of Kellogg (NYSE:K) by 45.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,375 shares of the company’s stock after purchasing an additional 10,760 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Kellogg were worth $2,337,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in K. Calton & Associates Inc. bought a new stake in Kellogg in the 4th quarter valued at $112,000. CLS Investments LLC bought a new stake in Kellogg in the 3rd quarter valued at $124,000. Resources Investment Advisors Inc. increased its holdings in 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 acquiring an additional 737 shares during the last quarter. SeaCrest Wealth Management LLC bought a new stake in Kellogg in the 4th quarter valued at $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in Kellogg in the 4th quarter valued at $163,000. Hedge funds and other institutional investors own 91.85% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of Kellogg 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 13,845 shares of Kellogg stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $67.68, for a total transaction of $937,029.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 623,763 shares of company stock valued at $42,787,777. 1.40% of the stock is owned by corporate insiders.
K stock opened at $62.95 on Friday. Kellogg has a 52 week low of $58.76 and a 52 week high of $74.28. The company has a market cap of $21,910.10, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 1.95 and a beta of 0.48. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 3.52.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same period last year, the company posted $0.92 EPS. The business’s revenue was up 3.6% on a year-over-year basis. sell-side analysts anticipate that Kellogg will post 4.46 earnings per share for the current fiscal year.
Kellogg declared that its board has approved a share repurchase program on Friday, December 15th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Monday, March 5th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, March 2nd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.43%. Kellogg’s dividend payout ratio is presently 59.67%.
A number of analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Monday, March 19th. Susquehanna Bancshares set a $69.00 price target on shares of Kellogg and gave the company a “hold” rating in a report on Monday, February 5th. Piper Jaffray Companies upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 price target on the stock in a report on Wednesday, February 28th. Morgan Stanley lifted their price objective 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. Finally, Bank of America lifted their price objective on shares of Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Kellogg currently has a consensus rating of “Hold” and an average target price of $73.88.
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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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