Claybrook Capital LLC Takes Position in Kellogg (K)
Claybrook Capital LLC bought a new stake in Kellogg (NYSE:K) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 758 shares of the company’s stock, valued at approximately $43,000.
Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Kellogg by 9.0% in the 4th quarter. BlackRock Inc. now owns 26,334,804 shares of the company’s stock valued at $1,501,346,000 after acquiring an additional 2,171,811 shares during the period. Vanguard Group Inc grew its position in shares of Kellogg by 3.4% in the 3rd quarter. Vanguard Group Inc now owns 21,245,966 shares of the company’s stock valued at $1,487,643,000 after acquiring an additional 696,685 shares during the period. Capital World Investors grew its position in shares of Kellogg by 3.0% in the 3rd quarter. Capital World Investors now owns 9,739,000 shares of the company’s stock valued at $681,925,000 after acquiring an additional 280,000 shares during the period. Franklin Resources Inc. grew its position in shares of Kellogg by 1.2% in the 3rd quarter. Franklin Resources Inc. now owns 4,380,796 shares of the company’s stock valued at $306,745,000 after acquiring an additional 50,416 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Kellogg by 11.6% in the 4th quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock valued at $200,178,000 after acquiring an additional 364,719 shares during the period. 85.33% of the stock is owned by institutional investors and hedge funds.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $53.98, for a total transaction of $5,398,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 600,000 shares of company stock valued at $34,087,000 over the last 90 days. Corporate insiders own 0.09% of the company’s stock.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, February 7th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Kellogg had a net margin of 9.86% and a return on equity of 47.10%. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the previous year, the company earned $0.96 EPS. The business’s revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts expect that Kellogg will post 3.99 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Monday, March 4th. Kellogg’s payout ratio is presently 51.73%.
Several brokerages recently commented on K. BMO Capital Markets reduced their target price on shares of Kellogg to $62.00 and set a “market perform” rating for the company in a report on Friday, February 8th. Zacks Investment Research downgraded shares of Kellogg from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Buckingham Research set a $67.00 target price on shares of Kellogg and gave the stock a “buy” rating in a report on Friday, February 8th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Kellogg in a report on Friday, February 8th. Finally, TheStreet downgraded shares of Kellogg from a “b-” rating to a “c” rating in a report on Thursday, February 7th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $64.92.
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Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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