Russell Investments Group Ltd. Raises Holdings in Kellogg (NYSE:K)

Russell Investments Group Ltd. boosted its stake in shares of Kellogg (NYSE:KGet Rating) by 1.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 495,107 shares of the company’s stock after buying an additional 4,935 shares during the quarter. Russell Investments Group Ltd.’s holdings in Kellogg were worth $34,902,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D increased its position in Kellogg by 2.1% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 140,642 shares of the company’s stock valued at $10,033,000 after buying an additional 2,830 shares in the last quarter. Cerity Partners LLC lifted its position in Kellogg by 88.4% during the second quarter. Cerity Partners LLC now owns 17,103 shares of the company’s stock valued at $1,220,000 after purchasing an additional 8,024 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Kellogg by 2.1% during the second quarter. Janney Montgomery Scott LLC now owns 29,701 shares of the company’s stock valued at $2,105,000 after purchasing an additional 625 shares in the last quarter. Natixis lifted its position in Kellogg by 44.2% during the second quarter. Natixis now owns 107,581 shares of the company’s stock valued at $7,680,000 after purchasing an additional 32,989 shares in the last quarter. Finally, Venture Visionary Partners LLC purchased a new position in Kellogg during the second quarter valued at $115,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Kellogg Stock Up 0.6 %

Shares of NYSE K opened at $67.67 on Wednesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.46 and a current ratio of 0.74. The firm has a market capitalization of $23.09 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 2.69 and a beta of 0.44. The stock has a 50 day moving average price of $71.46 and a 200 day moving average price of $72.39. Kellogg has a 52-week low of $59.54 and a 52-week high of $77.17.

Kellogg (NYSE:KGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.04. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.78 billion. Kellogg had a net margin of 10.01% and a return on equity of 31.96%. Sell-side analysts expect that Kellogg will post 4.13 earnings per share for the current year.

Kellogg announced that its board has initiated a stock repurchase program on Monday, December 12th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Kellogg Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date was Wednesday, November 30th. Kellogg’s payout ratio is presently 54.38%.

Insider Transactions at Kellogg

In related news, SVP Christopher M. Hood sold 2,800 shares of the company’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $72.04, for a total value of $201,712.00. Following the transaction, the senior vice president now directly owns 29,427 shares of the company’s stock, valued at approximately $2,119,921.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Kellogg news, SVP Christopher M. Hood sold 2,800 shares of the company’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $72.04, for a total value of $201,712.00. Following the sale, the senior vice president now directly owns 29,427 shares of the company’s stock, valued at $2,119,921.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, November 21st. The shares were sold at an average price of $71.07, for a total transaction of $7,107,000.00. Following the completion of the sale, the insider now directly owns 56,131,838 shares in the company, valued at $3,989,289,726.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 602,800 shares of company stock valued at $42,582,712. Corporate insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on K. Morgan Stanley raised their price target on Kellogg from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Tuesday, December 20th. BNP Paribas assumed coverage on Kellogg in a report on Tuesday, November 15th. They issued an “underperform” rating and a $66.00 target price on the stock. StockNews.com started coverage on Kellogg in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. Exane BNP Paribas started coverage on Kellogg in a research note on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on Kellogg to $72.00 in a research note on Wednesday, October 5th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Kellogg currently has an average rating of “Hold” and a consensus target price of $72.00.

Kellogg Company Profile

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

See Also

Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg (NYSE:KGet Rating).

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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