MML Investors Services LLC raised its position in Kellogg (NYSE:K) by 54.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,497 shares of the company’s stock after purchasing an additional 5,451 shares during the quarter. MML Investors Services LLC’s holdings in Kellogg were worth $1,054,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of K. Nationwide Fund Advisors increased its position in shares of Kellogg by 26.3% during the third quarter. Nationwide Fund Advisors now owns 405,829 shares of the company’s stock worth $25,312,000 after acquiring an additional 84,474 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in shares of Kellogg by 19.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 62,595 shares of the company’s stock worth $3,904,000 after acquiring an additional 10,073 shares during the period. Chicago Equity Partners LLC purchased a new position in shares of Kellogg during the third quarter worth approximately $408,000. Global X MANAGEMENT CO LLC increased its position in shares of Kellogg by 16.2% during the third quarter. Global X MANAGEMENT CO LLC now owns 8,535 shares of the company’s stock worth $532,000 after acquiring an additional 1,192 shares during the period. Finally, Sei Investments Co. increased its position in shares of Kellogg by 49.8% during the third quarter. Sei Investments Co. now owns 109,808 shares of the company’s stock worth $6,848,000 after acquiring an additional 36,488 shares during the period. 91.89% of the stock is currently owned by institutional investors.
In other news, insider Amit Banati sold 2,767 shares of Kellogg stock in a transaction on Friday, February 23rd. The shares were 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 can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of Kellogg stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 623,763 shares of company stock valued at $42,787,777. 1.40% of the stock is owned by insiders.
Kellogg (NYSE:K) last announced its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, meeting the Thomson Reuters’ 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 net margin of 9.82% and a return on equity of 70.35%. Kellogg’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned $0.92 earnings per share. equities analysts predict that Kellogg will post 4.45 EPS for the current year.
Kellogg announced that its board has approved a stock buyback program on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $2.16 annualized dividend and a yield of 3.10%. Kellogg’s dividend payout ratio (DPR) is 59.67%.
A number of equities analysts have recently commented on the stock. Piper Jaffray Companies raised shares of Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 target price on the stock in a research report on Wednesday, February 28th. Susquehanna Bancshares set a $69.00 target price on shares of Kellogg and gave the stock a “hold” rating in a research report on Monday, February 5th. Morgan Stanley raised their target price on shares of Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Bank of America raised their target price on shares of Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research report on Friday, February 9th. Finally, Credit Suisse Group raised their target price on shares of Kellogg from $68.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 6th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $73.69.
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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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