GSA Capital Partners LLP purchased a new stake in shares of Kellogg Company (NYSE:K) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,120 shares of the company’s stock, valued at approximately $1,629,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of K. Dupont Capital Management Corp bought a new position in Kellogg during the second quarter valued at about $268,000. Legal & General Group Plc increased its stake in Kellogg by 3.8% during the second quarter. Legal & General Group Plc now owns 1,342,857 shares of the company’s stock valued at $93,274,000 after acquiring an additional 49,677 shares during the period. KBC Group NV grew its stake in shares of Kellogg by 11.2% in the 2nd quarter. KBC Group NV now owns 43,318 shares of the company’s stock valued at $3,009,000 after purchasing an additional 4,374 shares during the period. GAM Holding AG grew its stake in shares of Kellogg by 43.3% in the 2nd quarter. GAM Holding AG now owns 66,711 shares of the company’s stock valued at $4,634,000 after purchasing an additional 20,159 shares during the period. Finally, Aviva PLC grew its stake in shares of Kellogg by 2.0% in the 2nd quarter. Aviva PLC now owns 175,300 shares of the company’s stock valued at $12,176,000 after purchasing an additional 3,370 shares during the period. Hedge funds and other institutional investors own 89.59% of the company’s stock.
In other news, CEO Steven A. Cahillane acquired 15,930 shares of Kellogg stock in a transaction on Thursday, November 2nd. The shares were purchased at an average price of $62.70 per share, with a total value of $998,811.00. Following the acquisition, the chief executive officer now owns 15,930 shares in the company, valued at $998,811. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Donald R. Knauss sold 6,846 shares of the company’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $312,850. The disclosure for this sale can be found here. Insiders sold a total of 349,754 shares of company stock worth $22,304,119 over the last three months. 1.30% of the stock is owned by company insiders.
Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.94 by $0.11. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. Kellogg’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 EPS. research analysts anticipate that Kellogg Company will post 4.03 earnings per share for the current fiscal year.
Kellogg declared that its board has initiated a stock repurchase program on Friday, December 15th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Thursday, November 30th. Kellogg’s payout ratio is currently 96.43%.
Several equities research analysts have recently weighed in on K shares. Buckingham Research lowered their price objective on Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st. Argus upgraded Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research note on Wednesday, November 22nd. Morgan Stanley lowered their price objective on Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 price objective on Kellogg and gave the company a “hold” rating in a research note on Wednesday, October 18th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $78.00 price objective on shares of Kellogg in a research note on Wednesday, September 6th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and an average price target 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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