Kellogg (K) Holdings Trimmed by Shelton Capital Management
Shelton Capital Management lowered its stake in shares of Kellogg (NYSE:K) by 17.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 247,816 shares of the company’s stock after selling 53,600 shares during the period. Kellogg makes up approximately 1.1% of Shelton Capital Management’s portfolio, making the stock its 13th biggest holding. Shelton Capital Management’s holdings in Kellogg were worth $16,847,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the business. Ameriprise Financial Inc. raised its stake in shares of Kellogg by 34.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after acquiring an additional 1,030,264 shares during the period. American Century Companies Inc. raised its stake in shares of Kellogg by 5.9% in the 4th quarter. American Century Companies Inc. now owns 3,236,189 shares of the company’s stock valued at $219,996,000 after acquiring an additional 180,047 shares during the period. Schroder Investment Management Group raised its stake in shares of Kellogg by 45.2% in the 3rd quarter. Schroder Investment Management Group now owns 2,270,604 shares of the company’s stock valued at $142,617,000 after acquiring an additional 706,963 shares during the period. Nordea Investment Management AB raised its stake in shares of Kellogg by 15,410.4% in the 3rd quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock valued at $141,596,000 after acquiring an additional 2,255,617 shares during the period. Finally, HS Management Partners LLC purchased a new position in shares of Kellogg in the 3rd quarter valued at $122,431,000. 89.92% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on K shares. Citigroup raised their target price on shares of Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. UBS Group cut their target price on shares of Kellogg from $72.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 1st. Credit Suisse Group raised their target price on shares of Kellogg from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday. Argus raised shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a research note on Wednesday, November 22nd. Finally, Piper Jaffray Companies set a $72.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Three analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $73.00.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The firm had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. analysts expect that Kellogg will post 4.04 earnings per share for the current fiscal year.
Kellogg declared that its Board of Directors has authorized a stock buyback program on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the firm’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the completion of the transaction, the insider now directly owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the firm’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $65.00, for a total transaction of $207,675.00. The disclosure for this sale can be found here. Insiders have sold a total of 306,316 shares of company stock worth $20,381,841 in the last ninety days. 1.30% of the stock is currently owned by insiders.
COPYRIGHT VIOLATION NOTICE: This story was published by Watch List News and is the sole property of of Watch List News. If you are accessing this story on another publication, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this story can be accessed at https://www.watchlistnews.com/kellogg-k-holdings-trimmed-by-shelton-capital-management/1855766.html.
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.
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:K).
Receive News & Ratings for Kellogg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg and related companies with MarketBeat.com's FREE daily email newsletter.