Scotia Capital Inc. lifted its stake in Kellogg (NYSE:K) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,836 shares of the company’s stock after purchasing an additional 2,554 shares during the quarter. Scotia Capital Inc.’s holdings in Kellogg were worth $4,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also modified their holdings of the company. Calton & Associates Inc. purchased a new position in Kellogg in the 4th quarter worth about $112,000. Resources Investment Advisors Inc. raised its position in Kellogg by 65.7% in the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock worth $127,000 after buying an additional 737 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in Kellogg in the 4th quarter worth about $128,000. CLS Investments LLC purchased a new position in Kellogg in the 3rd quarter worth about $124,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in Kellogg in the 4th quarter worth about $163,000. 91.89% of the stock is owned by institutional investors and hedge funds.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 50,254 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $68.35, for a total value of $3,434,860.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul T. Norman sold 167,497 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $68.86, for a total value of $11,533,843.42. 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. 1.40% of the stock is currently owned by corporate insiders.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. research analysts predict that Kellogg will post 4.45 EPS for the current year.
Kellogg declared that its board has authorized a stock buyback program on Friday, December 15th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Monday, March 5th will be paid 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 3.13%. Kellogg’s dividend payout ratio (DPR) is presently 59.34%.
K has been the subject of a number of recent analyst reports. Barclays reissued a “sell” rating and issued a $69.00 target price on shares of Kellogg in a research report on Sunday, February 11th. Citigroup upped their price target on shares of Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Argus raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Wednesday, November 22nd. Pivotal Research assumed coverage on shares of Kellogg in a research report on Monday, February 5th. They set a “buy” rating and a $80.00 price target for the company. Finally, Piper Jaffray Companies reaffirmed a “neutral” rating and set a $77.00 price target (up previously from $72.00) on shares of Kellogg in a research report on Thursday, February 15th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $73.69.
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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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