4,942 Shares in Kellogg (K) Acquired by Bredin Investment LLC
Bredin Investment LLC purchased a new position in Kellogg (NYSE:K) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,942 shares of the company’s stock, valued at approximately $336,000.
A number of other hedge funds have also bought and sold shares of the business. FTB Advisors Inc. raised its holdings in shares of Kellogg by 0.5% during the 2nd quarter. FTB Advisors Inc. now owns 3,648 shares of the company’s stock worth $251,000 after acquiring an additional 17 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Kellogg by 0.8% during the 2nd quarter. Nordea Investment Management AB now owns 14,637 shares of the company’s stock worth $1,017,000 after acquiring an additional 117 shares in the last quarter. Veritable L.P. raised its holdings in shares of Kellogg by 5.1% during the 2nd quarter. Veritable L.P. now owns 6,456 shares of the company’s stock worth $448,000 after acquiring an additional 315 shares in the last quarter. Advisory Services Network LLC raised its holdings in shares of Kellogg by 10.5% during the 2nd quarter. Advisory Services Network LLC now owns 4,689 shares of the company’s stock worth $326,000 after acquiring an additional 445 shares in the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of Kellogg by 6.1% during the 2nd quarter. MML Investors Services LLC now owns 10,333 shares of the company’s stock worth $718,000 after acquiring an additional 596 shares in the last quarter. Institutional investors and hedge funds own 89.82% of the company’s stock.
K has been the topic of several recent research reports. Royal Bank of Canada set a $81.00 price objective on Kellogg and gave the stock a “hold” rating in a report on Wednesday, October 18th. Credit Suisse Group decreased their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Wednesday, November 22nd. Buckingham Research decreased their price objective on Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Finally, Citigroup upped their price objective on Kellogg from $86.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and an average target price of $72.57.
Kellogg (NYSE:K) last released its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.11. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The company had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same quarter in the prior year, the firm posted $0.96 EPS. Kellogg’s quarterly revenue was up .6% compared to the same quarter last year. equities analysts forecast that Kellogg will post 4.03 earnings per share for the current fiscal year.
Kellogg declared that its Board of Directors has approved a stock buyback plan on Friday, December 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In related news, CEO Steven A. Cahillane purchased 15,930 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were bought at an average price of $62.70 per share, for a total transaction of $998,811.00. Following the acquisition, the chief executive officer now owns 15,930 shares of the company’s stock, valued at approximately $998,811. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman John A. Bryant sold 190,000 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $63.01, for a total value of $11,971,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 349,754 shares of company stock worth $22,304,119 in the last 90 days. 1.30% of the stock is currently owned by insiders.
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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