Kellogg (K) Stake Boosted by Bank of Montreal Can

Bank of Montreal Can grew its position in shares of Kellogg (NYSE:K) by 12.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 623,682 shares of the company’s stock after acquiring an additional 70,022 shares during the period. Bank of Montreal Can owned about 0.18% of Kellogg worth $42,398,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. BlueCrest Capital Management Ltd bought a new position in shares of Kellogg during the second quarter valued at about $4,404,000. Swiss National Bank raised its stake in shares of Kellogg by 0.7% during the third quarter. Swiss National Bank now owns 1,568,489 shares of the company’s stock valued at $97,827,000 after acquiring an additional 10,200 shares during the last quarter. PGGM Investments raised its stake in shares of Kellogg by 10.1% during the third quarter. PGGM Investments now owns 687,693 shares of the company’s stock valued at $42,891,000 after acquiring an additional 62,915 shares during the last quarter. Nationwide Fund Advisors raised its stake in shares of Kellogg by 26.3% during the third quarter. Nationwide Fund Advisors now owns 405,829 shares of the company’s stock valued at $25,312,000 after acquiring an additional 84,474 shares during the last quarter. Finally, Toronto Dominion Bank raised its stake in Kellogg by 10.9% in the third quarter. Toronto Dominion Bank now owns 142,516 shares of the company’s stock worth $8,893,000 after buying an additional 14,013 shares in the last quarter. 89.62% of the stock is owned by hedge funds and other institutional investors.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $65.00, for a total transaction of $207,675.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the stock in a transaction that occurred 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 sale, the insider now owns 67,887,323 shares in the company, valued at approximately $4,420,143,600.53. The disclosure for this sale can be found here. In the last 90 days, insiders sold 349,754 shares of company stock worth $22,304,119. Corporate insiders own 1.30% of the company’s stock.

Shares of Kellogg (NYSE K) opened at $66.62 on Friday. The firm has a market cap of $22,990.00, a PE ratio of 29.74, a price-to-earnings-growth ratio of 2.49 and a beta of 0.52. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71. Kellogg has a fifty-two week low of $58.76 and a fifty-two week high of $76.69.

Kellogg (NYSE:K) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.11. The business had revenue of $3.27 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 earnings per share. equities analysts expect that Kellogg will post 4.03 EPS for the current year.

Kellogg announced that its board has approved a share buyback plan on Friday, December 15th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

K has been the subject of a number of research reports. Bank of America reissued an “underperform” rating and issued a $66.00 price target (down from $72.00) on shares of Kellogg in a research note on Monday, October 9th. Morgan Stanley decreased their price target on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Credit Suisse Group decreased their price target on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Finally, Susquehanna Bancshares set a $71.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and a consensus price target of $72.57.

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Kellogg Company Profile

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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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