Alpha Paradigm Partners LLC reduced its stake in Kellogg (NYSE:K – Get Rating) by 53.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,040 shares of the company’s stock after selling 5,818 shares during the quarter. Alpha Paradigm Partners LLC’s holdings in Kellogg were worth $351,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc lifted its stake in shares of Kellogg by 379.2% in the 3rd quarter. AdvisorNet Financial Inc now owns 369 shares of the company’s stock valued at $26,000 after purchasing an additional 292 shares during the last quarter. Asset Dedication LLC acquired a new position in Kellogg during the 3rd quarter worth about $29,000. Coston McIsaac & Partners acquired a new position in Kellogg during the 2nd quarter worth about $31,000. Exos TFP Holdings LLC acquired a new position in Kellogg during the 3rd quarter worth about $32,000. Finally, Guardian Wealth Advisors LLC acquired a new position in Kellogg during the 3rd quarter worth about $33,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several brokerages have weighed in on K. Exane BNP Paribas began coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price target on the stock. StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a report on Monday. TheStreet downgraded Kellogg from a “b” rating to a “c+” rating in a report on Thursday, February 9th. Credit Suisse Group dropped their price objective on Kellogg from $72.00 to $71.00 and set a “neutral” rating on the stock in a report on Friday, February 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Kellogg from $74.00 to $72.00 in a report on Monday, January 30th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Kellogg has an average rating of “Hold” and an average target price of $72.11.
Kellogg Stock Up 0.6 %
Kellogg (NYSE:K – Get Rating) last issued its quarterly earnings data on Thursday, February 9th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.09. The firm had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Kellogg had a return on equity of 32.51% and a net margin of 6.27%. Kellogg’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 earnings per share. On average, equities analysts anticipate that Kellogg will post 4.04 earnings per share for the current fiscal year.
Kellogg Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.65%. The ex-dividend date is Tuesday, February 28th. Kellogg’s payout ratio is 84.59%.
Kellogg announced that its Board of Directors has approved a share buyback plan on Monday, December 12th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction on Friday, March 10th. The stock was sold at an average price of $63.99, for a total transaction of $6,399,000.00. Following the completion of the transaction, the insider now owns 55,431,838 shares of the company’s stock, valued at $3,547,083,313.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Rodrigo Lance sold 2,975 shares of Kellogg stock in a transaction on Monday, February 27th. The stock was sold at an average price of $67.79, for a total value of $201,675.25. Following the completion of the sale, the senior vice president now owns 14,935 shares of the company’s stock, valued at $1,012,443.65. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Friday, March 10th. The shares were sold at an average price of $63.99, for a total value of $6,399,000.00. Following the completion of the sale, the insider now directly owns 55,431,838 shares of the company’s stock, valued at approximately $3,547,083,313.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 528,437 shares of company stock valued at $35,770,511. Corporate insiders own 1.40% of the company’s stock.
Kellogg Profile
Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. The firm markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Cheez-It, Pringles, and Austin to supermarkets in the U.S. It operates through the following geographical segments: North America, Europe, Latin America, and AMEA(Asia Middle East Africa).
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