Appleton Partners Inc. MA bought a new position in shares of Kellogg (NYSE:K) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,070 shares of the company’s stock, valued at approximately $209,000.
Other large investors have also added to or reduced their stakes in the company. CLS Investments LLC purchased a new position in Kellogg during the 3rd quarter valued at approximately $124,000. Sawyer & Company Inc purchased a new position in Kellogg during the 4th quarter valued at approximately $170,000. Fruth Investment Management purchased a new position in Kellogg during the 4th quarter valued at approximately $201,000. Raab & Moskowitz Asset Management LLC purchased a new position in Kellogg during the 2nd quarter valued at approximately $222,000. Finally, Cetera Investment Advisers purchased a new position in Kellogg during the 2nd quarter valued at approximately $231,000. Hedge funds and other institutional investors own 89.61% of the company’s stock.
In other Kellogg news, CEO Steven A. Cahillane purchased 15,930 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was purchased at an average cost of $62.70 per share, with a total value of $998,811.00. Following the purchase, the chief executive officer now owns 15,930 shares of the company’s stock, valued at $998,811. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald R. Knauss sold 6,846 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 5,000 shares of the company’s stock, valued at $312,850. The disclosure for this sale can be found here. Insiders have sold a total of 349,754 shares of company stock valued at $22,304,119 over the last three months. 1.30% of the stock is owned by corporate insiders.
Kellogg (NYSE:K) opened at $64.69 on Friday. The company has a market capitalization of $22,794.28, a P/E ratio of 28.88, a PEG ratio of 2.50 and a beta of 0.52. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71. Kellogg has a 1-year low of $58.76 and a 1-year high of $76.69.
Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.11. The firm had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.22 billion. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 EPS. research analysts forecast that Kellogg will post 4.03 earnings per share for the current year.
Kellogg announced that its Board of Directors has initiated a share buyback program on Friday, December 15th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business 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 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Thursday, November 30th. Kellogg’s dividend payout ratio (DPR) is 96.43%.
Several research firms have weighed in on K. Susquehanna Bancshares set a $71.00 price target on Kellogg and gave the company a “hold” rating in a report on Tuesday, October 31st. Morgan Stanley cut their price target on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a report 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. Buckingham Research dropped their target price on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, November 1st. Finally, Credit Suisse Group dropped their target price on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, October 20th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Kellogg presently has a consensus rating of “Hold” and an average target price of $71.15.
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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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