WEALTHFRONT Corp raised its position in shares of Kellogg (NYSE:K) by 21.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,101 shares of the company’s stock after buying an additional 2,459 shares during the quarter. WEALTHFRONT Corp’s holdings in Kellogg were worth $987,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Honkamp Krueger Financial Services Inc. purchased a new position in shares of Kellogg in the 3rd quarter valued at approximately $101,000. LFA Lugano Financial Advisors SA purchased a new position in shares of Kellogg in the 2nd quarter valued at approximately $103,000. Financial Architects Inc purchased a new position in shares of Kellogg in the 3rd quarter valued at approximately $111,000. CSat Investment Advisory L.P. purchased a new position in shares of Kellogg in the 2nd quarter valued at approximately $127,000. Finally, Fort L.P. purchased a new position in shares of Kellogg in the 2nd quarter valued at approximately $127,000. 86.76% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently weighed in on K shares. Buckingham Research cut their price target on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Deutsche Bank set a $66.00 price target on shares of Kellogg and gave the stock a “hold” rating in a report on Wednesday, November 14th. Credit Suisse Group cut their price target on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, November 14th. ValuEngine upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Finally, Citigroup cut their price target on shares of Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Three analysts have rated the stock with a sell rating, eleven have assigned 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 an average target price of $70.22.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 20th. The shares were sold at an average price of $62.24, for a total transaction of $11,203,200.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Fareed A. Khan acquired 8,190 shares of the company’s stock in a transaction dated Tuesday, November 20th. The shares were purchased at an average cost of $62.14 per share, for a total transaction of $508,926.60. The disclosure for this purchase can be found here. Insiders have sold a total of 600,000 shares of company stock worth $41,536,950 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.
Shares of NYSE K opened at $60.84 on Friday. The company has a market cap of $21.26 billion, a PE ratio of 15.06, a PEG ratio of 2.30 and a beta of 0.51. Kellogg has a 12 month low of $56.40 and a 12 month high of $74.98. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84.
Kellogg (NYSE:K) last issued its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. Kellogg’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 EPS. As a group, analysts forecast that Kellogg will post 4.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.68%. Kellogg’s payout ratio is 55.45%.
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Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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