Shell Asset Management Co. Cuts Stake in Kellogg (K)

Shell Asset Management Co. reduced its position in Kellogg (NYSE:K) by 45.9% in the fourth quarter, HoldingsChannel reports. The firm owned 110,049 shares of the company’s stock after selling 93,294 shares during the quarter. Shell Asset Management Co.’s holdings in Kellogg were worth $7,481,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Calton & Associates Inc. purchased a new position in shares of Kellogg in the 4th quarter worth about $112,000. Resources Investment Advisors Inc. lifted its stake in shares of Kellogg by 65.7% in the 4th quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock valued at $127,000 after acquiring an additional 737 shares during the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Kellogg in the 4th quarter valued at about $128,000. CLS Investments LLC bought a new stake in shares of Kellogg in the 3rd quarter valued at about $124,000. Finally, Sawyer & Company Inc bought a new stake in shares of Kellogg in the 4th quarter valued at about $170,000. Hedge funds and other institutional investors own 90.18% of the company’s stock.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $67.53, for a total value of $12,155,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 306,316 shares of company stock valued at $20,381,841 in the last ninety days. 1.30% of the stock is currently owned by corporate insiders.

Kellogg (NYSE:K) opened at $69.66 on Friday. The company has a market capitalization of $24,065.65, a P/E ratio of 19.24, a price-to-earnings-growth ratio of 2.15 and a beta of 0.47. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 3.52. Kellogg has a 52-week low of $58.76 and a 52-week high of $75.31.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. Kellogg’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.92 EPS. equities research analysts forecast that Kellogg will post 4.44 earnings per share for the current fiscal year.

Kellogg declared that its board has authorized a share repurchase program on Friday, December 15th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.10%. Kellogg’s payout ratio is 59.67%.

K has been the subject of a number of recent research reports. Citigroup boosted their target price on Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. UBS Group lowered their target price on Kellogg from $72.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, November 1st. Credit Suisse Group boosted their target price on Kellogg from $68.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, February 6th. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Wednesday, November 22nd. Finally, Piper Jaffray Companies set a $72.00 target price on Kellogg and gave the company a “hold” rating in a research note on Tuesday, October 31st. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $73.50.

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About Kellogg

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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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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