Gulf International Bank UK Ltd lessened its position in Kellogg (NYSE:K) by 30.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,999 shares of the company’s stock after selling 25,430 shares during the period. Gulf International Bank UK Ltd’s holdings in Kellogg were worth $3,249,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in K. Honkamp Krueger Financial Services Inc. bought a new stake in shares of Kellogg during the 3rd quarter worth about $101,000. LFA Lugano Financial Advisors SA acquired a new stake in Kellogg in the 2nd quarter worth about $103,000. Financial Architects Inc acquired a new stake in Kellogg in the 3rd quarter worth about $111,000. Captrust Financial Advisors raised its stake in Kellogg by 216.4% in the 3rd quarter. Captrust Financial Advisors now owns 1,585 shares of the company’s stock worth $111,000 after purchasing an additional 1,084 shares in the last quarter. Finally, TLP Group LLC acquired a new stake in Kellogg in the 3rd quarter worth about $120,000. 86.68% of the stock is owned by institutional investors.
Several analysts have weighed in on K shares. Buckingham Research dropped their price objective on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Royal Bank of Canada dropped their price objective on shares of Kellogg to $72.00 and set a “market perform” rating for the company in a research note on Thursday, November 1st. Credit Suisse Group dropped their price objective on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating for the company in a research note on Wednesday, November 14th. Piper Jaffray Companies set a $79.00 price objective on shares of Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Finally, Zacks Investment Research reiterated a “sell” rating on shares of Kellogg in a research note on Tuesday, November 13th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $69.94.
Kellogg (NYSE:K) last issued its earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.01). The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. Kellogg’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share. As a group, research analysts expect that Kellogg will post 4.31 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Monday, December 3rd were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.82%. The ex-dividend date of this dividend was Friday, November 30th. Kellogg’s payout ratio is presently 55.45%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of Kellogg stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $62.24, for a total transaction of $11,203,200.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Fareed A. Khan purchased 8,190 shares of the firm’s stock in a transaction that occurred on Tuesday, November 20th. The shares were bought at an average cost of $62.14 per share, for a total transaction of $508,926.60. The disclosure for this purchase can be found here. Insiders have sold a total of 480,000 shares of company stock worth $28,790,200 over the last ninety days. 1.40% of the stock is currently owned by insiders.
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Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
Further Reading: What are retained earnings?
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