Park Avenue Securities LLC acquired a new position in Kellogg (NYSE:K — Get Rating) in the third quarter, the company said in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,443 shares of the company’s shares, valued at approximately $240,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of K. Cantor Fitzgerald Investment Advisor LP, increasing their position in Kellogg stock by 95.3% during the first quarter. Cantor Fitzgerald Investment Advisor LP now owns 424,951 shares of the company’s stock valued at $27,405,000 after purchasing an additional 207,392 shares last quarter. HighTower Advisors LLC increased its position in Kellogg stock by 16.7% during the first quarter. HighTower Advisors LLC now owns 18,121 shares of the company’s stock valued at $1,167,000 after purchasing an additional 2,590 shares last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Kellogg shares by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,232 shares of the company valued at $2,208,000 after purchasing an additional 2,119 shares last quarter. Raymond James Trust NA increased its position in Kellogg shares by 46.9% in the first quarter. Raymond James Trust NA now owns 8,653 shares of the company valued at $558,000 after purchasing an additional 2,764 shares last quarter. Finally, Cibc World Market Inc. increased its position in Kellogg stock by 6.4% during the first quarter. Cibc World Market Inc. now owns 38,670 shares of the company’s stock valued at $2,494,000 after purchasing an additional 2,313 shares last quarter. Institutional investors and hedge funds own 82.59% of the company’s shares.
Insider transactions at Kellogg
In other news, SVP Christopher M. Hood sold 2,800 shares of the company’s stock in a transaction on Tuesday, November 8th. The stock sold at an average price of $72.04 for a total transaction of $201,712.00. Following the closing of the transaction, the senior vice president now directly owns 29,427 shares of the company, valued at $2,119,921.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed at this link. In related news, SVP Christopher M. Hood sold 2,800 shares of the stock in a transaction that took place on Tuesday, November 8th. The stock sold at an average price of $72.04 for a total transaction of $201,712.00. Following the closing of the transaction, the senior vice president now directly owns 29,427 shares of the company, valued at $2,119,921.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. Also, major shareholder Kellogg WK Foundation Trust sold 100,000 shares of the stock in a transaction that took place on Monday, November 21st. The shares were sold at an average price of $71.07 for a total value of $7,107,000.00. Following the transaction, the insider now directly owns 56,131,838 shares of the company’s stock valued at $3,989,289,726.66. The disclosure for this sale can be found here. Insiders sold 602,800 shares of the company’s stock valued at $42,582,712 over the past three months. Company insiders own 1.40% of the company’s shares.
Kellogg shares down 0.3%
Kellogg’s shares opened at $67.29 on Tuesday. Kellogg has a 1-year low of $59.54 and a 1-year high of $77.17. The company has a 50-day moving average of $71.49 and a two-hundred-day moving average of $72.43. The company has a market cap of $22.96 billion, a P/E of 15.50, a price-to-earnings-to-growth ratio of 2.70 and a beta of 0.44. The company has a gearing ratio of 1.20, a current ratio of 0.74 and a quick ratio of 0.46.
Kellogg (NYSE:K – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported earnings per share of $1.01 for the quarter, beating the consensus estimate of $0.97 by $0.04. The company made $3.95 billion in revenue for the quarter, compared to analysts’ expectations of $3.78 billion. Kellogg had a return on equity of 31.96% and a net margin of 10.01%. As a group, equity analysts are forecasting that Kellogg will post 4.13 year-to-date EPS.
Kellogg announced that its board of directors approved a stock repurchase plan on Monday, December 12, authorizing the company to repurchase $1.50 billion of stock. This buyback authorization authorizes the company to acquire up to 6.2% of its shares through purchases on the open market. Stock buyback plans are usually a sign that the company’s board believes its stock is undervalued.
Kellogg announces dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1 received a dividend of $0.59 per share. The ex-dividend date of this dividend was Wednesday November 30th. That equates to an annualized dividend of $2.36 and a dividend yield of 3.51%. Kellogg’s payout ratio is currently 54.38%.
Wall Street analyst ponders
A number of research firms recently commented on Kellogg. Exane BNP Paribas began covering Kellogg in a report Tuesday, November 15. They gave the company an underperform rating and a target price of $66.00. Morgan Stanley raised its price target on Kellogg to $74.00 from $72.00 and rated the company as “break even weight” in a report Tuesday, December 20. BNP Paribas began covering Kellogg in a report on Tuesday, November 15. They gave the company an underperform rating and a target price of $66.00. StockNews.com began coverage of Kellogg in a report on Wednesday, October 12th. They gave the company a buy rating. Finally, Piper Sandler lowered her target price on Kellogg to $72.00 in a report on Wednesday, October 5th. Four investment analysts have rated the stock with a sell rating, four with a hold rating and two with a buy rating. According to MarketBeat.com, Kellogg has a consensus rating of Hold and an average price target of $72.00.
Kellogg Company Profile
The Kellogg Company, together with its subsidiaries, manufactures and markets snack foods and ready meals. The Company operates through four segments: North America, Europe, Latin America and Asia, Middle East, Africa. Major products include crackers, chips, savory snacks, toasted pastries, granola bars, granola bars and canapes, ready-to-eat cereal, frozen waffles, vegetarian foods and pasta.
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