Kellogg (K) Shares Sold by IBM Retirement Fund

IBM Retirement Fund trimmed its holdings in shares of Kellogg (NYSE:K) by 41.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,712 shares of the company’s stock after selling 2,673 shares during the quarter. IBM Retirement Fund’s holdings in Kellogg were worth $252,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Dimensional Fund Advisors LP raised its position in shares of Kellogg by 2.6% during the second quarter. Dimensional Fund Advisors LP now owns 591,672 shares of the company’s stock worth $41,095,000 after purchasing an additional 15,096 shares during the period. Numeric Investors LLC raised its position in shares of Kellogg by 68.8% during the second quarter. Numeric Investors LLC now owns 5,400 shares of the company’s stock worth $375,000 after purchasing an additional 2,200 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of Kellogg by 10.8% during the second quarter. Cubist Systematic Strategies LLC now owns 10,603 shares of the company’s stock worth $736,000 after purchasing an additional 1,035 shares during the period. Verition Fund Management LLC raised its position in shares of Kellogg by 19.5% during the second quarter. Verition Fund Management LLC now owns 6,855 shares of the company’s stock worth $476,000 after purchasing an additional 1,120 shares during the period. Finally, Koch Industries Inc. acquired a new position in shares of Kellogg during the second quarter worth approximately $217,000. Hedge funds and other institutional investors own 90.18% of the company’s stock.

Shares of Kellogg (K) opened at $67.07 on Tuesday. Kellogg has a 12-month low of $58.76 and a 12-month high of $76.44. The stock has a market capitalization of $23,260.67, a price-to-earnings ratio of 16.67, a PEG ratio of 2.45 and a beta of 0.47. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.41 and a current ratio of 0.68.

Kellogg (NYSE:K) last announced its earnings results on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The firm had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same period last year, the firm posted $0.92 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. sell-side analysts predict that Kellogg will post 4.42 earnings per share for the current year.

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

A number of equities research analysts recently commented on K shares. Royal Bank of Canada set a $81.00 price target on Kellogg and gave the company a “hold” rating in a research report on Wednesday, October 18th. Credit Suisse Group lowered their price target on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Citigroup increased their price target on Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday, January 16th. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Wednesday, November 22nd. Finally, Buckingham Research lowered their price target on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Four investment 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 company presently has an average rating of “Hold” and an average price target of $73.19.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the completion of the sale, the insider now directly owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $65.14, for a total value of $5,120,394.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 306,316 shares of company stock valued at $20,381,841. Insiders own 1.30% of the company’s stock.

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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.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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