Banco de Sabadell S.A purchased a new stake in Kellogg (NYSE:K) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,800 shares of the company’s stock, valued at approximately $258,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Sun Life Financial INC raised its position in shares of Kellogg by 73.4% during the fourth quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock worth $1,617,000 after purchasing an additional 10,069 shares during the period. Paloma Partners Management Co raised its position in shares of Kellogg by 16.9% during the fourth quarter. Paloma Partners Management Co now owns 30,970 shares of the company’s stock worth $2,106,000 after purchasing an additional 4,473 shares during the period. Flippin Bruce & Porter Inc. purchased a new stake in Kellogg in the 4th quarter valued at $3,647,000. State of Tennessee Treasury Department raised its position in Kellogg by 76.5% in 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 during the last quarter. Finally, Bbva Compass Bancshares Inc. raised its position in Kellogg by 21.9% in 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 during the last quarter. 91.85% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on the company. Bank of America increased their price target on Kellogg from $66.00 to $69.00 and gave the company an “underperform” rating in a research report on Friday, February 9th. Citigroup lowered their price target on Kellogg from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Zacks Investment Research lowered Kellogg from a “buy” rating to a “hold” rating in a research report on Monday, March 19th. Morgan Stanley increased their price target on Kellogg from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, February 9th. Finally, Barclays reissued a “sell” rating and issued a $69.00 price target on shares of Kellogg in a research report on Sunday, February 11th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. Kellogg has an average rating of “Hold” and an average target price of $73.88.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.10 billion. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 EPS. equities research analysts expect that Kellogg will post 4.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Stockholders of record on Monday, March 5th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, March 2nd. This represents a $2.16 annualized dividend and a dividend yield of 3.43%. Kellogg’s payout ratio is 59.67%.
Kellogg declared that its board has authorized a stock repurchase program on Friday, December 15th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, insider Amit Banati sold 2,767 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $67.97, for a total transaction of $188,072.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $69.47, for a total value of $14,241,350.00. The disclosure for this sale can be found here. Insiders have sold a total of 623,763 shares of company stock valued at $42,787,777 in the last quarter. 1.40% of the stock is owned by corporate insiders.
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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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