Steward Partners Investment Advisory LLC purchased a new position in shares of Kellogg Company (NYSE:K) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 8,860 shares of the company’s stock, valued at approximately $552,000.
A number of other hedge funds have also recently modified their holdings of the business. GSA Capital Partners LLP bought a new stake in shares of Kellogg in the 3rd quarter valued at about $1,629,000. Belpointe Asset Management LLC bought a new stake in shares of Kellogg in the 3rd quarter valued at about $389,000. IFM Investors Pty Ltd bought a new stake in shares of Kellogg in the 3rd quarter valued at about $473,000. Capital Wealth Planning LLC bought a new stake in shares of Kellogg in the 3rd quarter valued at about $231,000. Finally, PVG Asset Management Corp bought a new stake in shares of Kellogg in the 3rd quarter valued at about $549,000. 89.65% of the stock is owned by hedge funds and other institutional investors.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman John A. Bryant sold 190,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $63.01, for a total value of $11,971,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 349,754 shares of company stock worth $22,304,119 in the last quarter. Company insiders own 1.30% of the company’s stock.
Kellogg (NYSE:K) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the previous year, the business earned $0.96 EPS. Kellogg’s revenue was up .6% compared to the same quarter last year. equities analysts forecast that Kellogg Company will post 4.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were issued a dividend of $0.54 per share. The ex-dividend date was Thursday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.32%. Kellogg’s dividend payout ratio (DPR) is 96.43%.
K has been the subject of a number of recent research reports. Buckingham Research lowered their target price on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Wednesday, November 22nd. Morgan Stanley lowered their target price on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 price target on Kellogg and gave the company a “hold” rating in a report on Wednesday, October 18th. Finally, BMO Capital Markets restated a “hold” rating and set a $78.00 price target on shares of Kellogg in a report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company. Kellogg presently has an average rating of “Hold” and a consensus target price of $71.15.
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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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