Belpointe Asset Management LLC Takes $389,000 Position in Kellogg Company (K)
Belpointe Asset Management LLC purchased a new position in shares of Kellogg Company (NYSE:K) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 6,238 shares of the company’s stock, valued at approximately $389,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CLS Investments LLC acquired a new position in Kellogg during the 3rd quarter worth about $124,000. Koch Industries Inc. acquired a new position in Kellogg during the 2nd quarter worth about $217,000. FDO Partners LLC acquired a new position in Kellogg during the 3rd quarter worth about $219,000. Raab & Moskowitz Asset Management LLC acquired a new position in Kellogg during the 2nd quarter worth about $222,000. Finally, Valeo Financial Advisors LLC acquired a new position in Kellogg during the 3rd quarter worth about $224,000. Institutional investors and hedge funds own 89.65% of the company’s stock.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the sale, the director now directly owns 5,000 shares of the company’s stock, valued at $312,850. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 349,754 shares of company stock valued at $22,304,119. 1.30% of the stock is currently owned by company insiders.
Kellogg (NYSE:K) last released its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.11. The company 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 company’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. equities research analysts anticipate that Kellogg Company will post 4.03 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a $0.54 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.32%. Kellogg’s dividend payout ratio (DPR) is presently 96.43%.
Several research analysts recently issued reports on the stock. Piper Jaffray Companies downgraded shares of Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price target on the stock. in a research report on Tuesday, September 19th. DZ Bank downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, December 8th. BMO Capital Markets restated a “hold” rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th. Argus upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 target price on the stock in a research report on Wednesday, November 22nd. Finally, UBS 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 report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Kellogg has a consensus rating of “Hold” and a consensus target price of $71.15.
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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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