US Bancorp DE increased its position in Kellogg (NYSE:K) by 23.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 131,214 shares of the company’s stock after acquiring an additional 24,625 shares during the quarter. US Bancorp DE’s holdings in Kellogg were worth $8,920,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in K. CLS Investments LLC bought a new position in shares of Kellogg in the third quarter valued at approximately $124,000. Resources Investment Advisors Inc. lifted its position in Kellogg by 65.7% during the fourth quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock valued at $127,000 after purchasing an additional 737 shares during the last quarter. Sawyer & Company Inc bought a new stake in Kellogg during the fourth quarter valued at approximately $170,000. Fruth Investment Management bought a new stake in Kellogg during the fourth quarter valued at approximately $201,000. Finally, Saratoga Research & Investment Management bought a new stake in Kellogg during the fourth quarter valued at approximately $205,000. Institutional investors own 89.92% of the company’s stock.
Kellogg (NYSE K) opened at $65.98 on Friday. The company has a market cap of $22,182.79, a P/E ratio of 29.46, a price-to-earnings-growth ratio of 2.39 and a beta of 0.47. Kellogg has a one year low of $58.76 and a one year high of $76.69. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68.
Kellogg declared that its Board of Directors has approved a stock repurchase program on Friday, December 15th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of Kellogg 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 transaction, the insider now directly owns 67,887,323 shares of the company’s stock, valued at $4,420,143,600.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of Kellogg stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. Insiders have sold 306,316 shares of company stock worth $20,381,841 over the last three months. Insiders own 1.30% of the company’s stock.
Several brokerages have issued reports on K. Susquehanna Bancshares set a $71.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Tuesday, October 31st. Morgan Stanley dropped their target price on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research report on Friday, October 13th. Royal Bank of Canada set a $81.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Wednesday, October 18th. Buckingham Research dropped their target price on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Credit Suisse Group dropped their target price on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $73.27.
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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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