Rodgers Brothers Inc. grew its stake in shares of Kellogg (NYSE:K) by 12.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,169 shares of the company’s stock after buying an additional 6,303 shares during the period. Kellogg accounts for 1.3% of Rodgers Brothers Inc.’s portfolio, making the stock its 25th biggest holding. Rodgers Brothers Inc.’s holdings in Kellogg were worth $3,886,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in Kellogg by 16.1% in the 4th quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock worth $1,678,353,000 after purchasing an additional 3,421,334 shares in the last quarter. American International Group Inc. lifted its holdings in Kellogg by 6,576.3% in the 4th quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock worth $508,167,000 after purchasing an additional 7,363,283 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Kellogg by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,240,837 shares of the company’s stock worth $288,290,000 after purchasing an additional 50,588 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Kellogg by 34.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock worth $251,883,000 after purchasing an additional 1,030,264 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Kellogg by 5.9% in the 4th quarter. American Century Companies Inc. now owns 3,236,189 shares of the company’s stock worth $219,996,000 after purchasing an additional 180,047 shares in the last quarter. 91.89% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. Barclays reissued a “sell” rating and issued a $69.00 price target on shares of Kellogg in a report on Sunday, February 11th. Bank of America boosted their price target on Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a report on Friday, February 9th. Citigroup lowered their price target 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 assumed coverage on Kellogg in a research note on Monday, February 5th. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, DZ Bank downgraded Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $73.69.
Kellogg (NYSE:K) last released 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 firm had revenue of $3.21 billion for 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 company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 EPS. analysts forecast that Kellogg will post 4.45 earnings per share for the current year.
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. This represents a $2.16 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, March 2nd. Kellogg’s dividend payout ratio is currently 59.67%.
Kellogg declared that its Board of Directors has approved a stock buyback plan on Friday, December 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other Kellogg news, insider Amit Banati sold 2,767 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $67.97, for a total value of $188,072.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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. In the last three months, insiders have sold 623,763 shares of company stock worth $42,787,777. Corporate insiders own 1.40% of the company’s stock.
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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