Ladenburg Thalmann Financial Services Inc. Trims Position in Kellogg Company (K)
Ladenburg Thalmann Financial Services Inc. decreased its position in shares of Kellogg Company (NYSE:K) by 12.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,615 shares of the company’s stock after selling 3,278 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Kellogg were worth $1,473,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC raised its holdings in Kellogg by 45.2% during the third quarter. Cubist Systematic Strategies LLC now owns 15,397 shares of the company’s stock valued at $960,000 after buying an additional 4,794 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Kellogg by 1.0% during the third quarter. Janus Henderson Group PLC now owns 879,653 shares of the company’s stock valued at $54,863,000 after buying an additional 8,742 shares in the last quarter. Caxton Associates LP raised its holdings in Kellogg by 110.3% during the third quarter. Caxton Associates LP now owns 9,400 shares of the company’s stock valued at $586,000 after buying an additional 100,400 shares in the last quarter. Vident Investment Advisory LLC bought a new position in Kellogg during the third quarter valued at about $463,000. Finally, CLS Investments LLC bought a new position in Kellogg during the third quarter valued at about $124,000. 89.59% of the stock is owned by hedge funds and other institutional investors.
K has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price objective on Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Friday, October 13th. Royal Bank of Canada reiterated a “hold” rating and issued a $78.00 price objective on shares of Kellogg in a research note on Wednesday, October 25th. Credit Suisse Group dropped their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. BMO Capital Markets restated a “hold” rating and set a $78.00 price target on shares of Kellogg in a research note on Wednesday, September 6th. Finally, Bank of America restated an “underperform” rating and set a $66.00 price target (down from $72.00) on shares of Kellogg in a research note on Monday, October 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $71.15.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 67,887,323 shares in the company, valued at approximately $4,420,143,600.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald R. Knauss sold 6,846 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $62.57, for a total transaction of $428,354.22. Following the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $312,850. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 349,754 shares of company stock worth $22,304,119. Company insiders own 1.30% of the company’s stock.
Kellogg Company (NYSE K) opened at $65.64 on Tuesday. The company has a market capitalization of $22,452.26, a P/E ratio of 16.25, a PEG ratio of 2.63 and a beta of 0.52. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71. Kellogg Company has a 1-year low of $58.76 and a 1-year high of $76.69.
Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.94 by $0.11. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. Kellogg’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 EPS. research analysts anticipate that Kellogg Company will post 4.03 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend was Thursday, November 30th. Kellogg’s dividend payout ratio is 96.43%.
Kellogg announced that its Board of Directors has approved a stock repurchase plan on Friday, December 15th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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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