Kellogg (K) is Private Trust Co. NA’s 2nd Largest Position
Private Trust Co. NA decreased its position in Kellogg (NYSE:K) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 184,245 shares of the company’s stock after selling 1,430 shares during the quarter. Kellogg makes up 2.7% of Private Trust Co. NA’s investment portfolio, making the stock its 2nd largest position. Private Trust Co. NA owned 0.05% of Kellogg worth $12,524,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in K. CLS Investments LLC purchased a new position in shares of Kellogg during the third quarter valued at about $124,000. Sawyer & Company Inc purchased a new position in shares of Kellogg during the fourth quarter valued at about $170,000. Fruth Investment Management purchased a new position in shares of Kellogg during the fourth quarter valued at about $201,000. Appleton Partners Inc. MA purchased a new position in shares of Kellogg during the fourth quarter valued at about $209,000. Finally, Raab & Moskowitz Asset Management LLC purchased a new position in shares of Kellogg during the second quarter valued at about $222,000. Hedge funds and other institutional investors own 89.62% of the company’s stock.
Several research firms recently commented on K. Piper Jaffray Companies lowered shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research note on Tuesday, September 19th. Bank of America reissued an “underperform” rating and set a $66.00 price objective (down previously from $72.00) on shares of Kellogg in a research note on Monday, October 9th. Morgan Stanley dropped their price objective on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Finally, Credit Suisse Group dropped their price objective on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and a consensus price target of $72.57.
In related news, Director James M. Jenness sold 26,592 shares of the stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $63.08, for a total transaction of $1,677,423.36. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Donald R. Knauss sold 6,846 shares of the stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total transaction of $428,354.22. Following the transaction, the director now owns 5,000 shares in the company, valued at approximately $312,850. The disclosure for this sale can be found here. In the last quarter, insiders sold 349,754 shares of company stock worth $22,304,119. Insiders own 1.30% of the company’s stock.
Shares of Kellogg (NYSE K) traded up $1.39 during midday trading on Tuesday, hitting $66.08. 1,496,220 shares of the stock traded hands, compared to its average volume of 3,006,866. The company has a market capitalization of $22,330.00, a P/E ratio of 29.50, a PEG ratio of 2.45 and a beta of 0.52. Kellogg has a 52-week low of $58.76 and a 52-week high of $76.69. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71.
Kellogg (NYSE:K) last issued its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.11. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. equities research analysts forecast that Kellogg will post 4.03 earnings per share for the current year.
Kellogg declared that its Board of Directors has authorized a share buyback plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
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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