Stone Ridge Asset Management LLC purchased a new position in shares of Kellogg (NYSE:K) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 28,203 shares of the company’s stock, valued at approximately $1,917,000.
Other large investors also recently bought and sold shares of the company. Calton & Associates Inc. acquired a new position in shares of Kellogg during the 4th quarter worth approximately $112,000. CLS Investments LLC acquired a new position in shares of Kellogg during the 3rd quarter worth approximately $124,000. Resources Investment Advisors Inc. increased its holdings in shares of Kellogg by 65.7% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock worth $127,000 after acquiring an additional 737 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Kellogg during the 4th quarter worth approximately $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas acquired a new position in shares of Kellogg during the 4th quarter worth approximately $163,000. 91.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Kellogg (K) opened at $69.64 on Wednesday. The firm has a market capitalization of $24,143.63, a price-to-earnings ratio of 19.24, a PEG ratio of 2.15 and a beta of 0.48. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 3.52. Kellogg has a 1 year low of $58.76 and a 1 year high of $75.31.
Kellogg announced that its board has authorized a share repurchase plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Stockholders of record on Monday, March 5th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.10%. Kellogg’s payout ratio is 59.67%.
In other news, insider Paul T. Norman sold 167,497 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $68.86, for a total transaction of $11,533,843.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction on Thursday, March 8th. The shares were 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. Over the last quarter, insiders have sold 623,763 shares of company stock valued at $42,787,777. Corporate insiders own 1.40% of the company’s stock.
K has been the topic of a number of recent analyst reports. Citigroup decreased their target price on Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Pivotal Research initiated coverage on Kellogg in a report on Monday, February 5th. They issued a “buy” rating and a $80.00 price objective on the stock. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Wednesday, November 22nd. Morgan Stanley upped their price objective on Kellogg from $69.00 to $70.00 and gave the company an “equal weight” rating in a report on Friday, February 9th. Finally, Susquehanna Bancshares set a $69.00 price objective on Kellogg and gave the company a “hold” rating in a report on Monday, February 5th. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and an average target price of $73.69.
Kellogg Company Profile
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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