OppenheimerFunds Inc. Has $2.09 Million Holdings in Kellogg (K)
OppenheimerFunds Inc. grew its stake in Kellogg (NYSE:K) by 14.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,816 shares of the company’s stock after buying an additional 3,938 shares during the quarter. OppenheimerFunds Inc.’s holdings in Kellogg were worth $2,094,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. American International Group Inc. grew its position in shares of Kellogg by 6,576.3% during the fourth quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock worth $508,167,000 after purchasing an additional 7,363,283 shares in the last quarter. BlackRock Inc. grew its position in shares of Kellogg by 16.1% during the fourth quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock worth $1,678,353,000 after purchasing an additional 3,421,334 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Kellogg by 15,410.4% during the third quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock worth $141,596,000 after purchasing an additional 2,255,617 shares in the last quarter. HS Management Partners LLC purchased a new stake in shares of Kellogg during the third quarter worth about $122,431,000. Finally, LSV Asset Management purchased a new stake in shares of Kellogg during the fourth quarter worth about $79,597,000. Institutional investors and hedge funds own 91.89% of the company’s stock.
Several research firms recently issued reports on K. Piper Jaffray Companies upgraded Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 target price for the company in a research report on Wednesday, February 28th. Barclays reiterated a “sell” rating and set a $69.00 target price on shares of Kellogg in a research report on Sunday, February 11th. Morgan Stanley increased their target price on Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Bank of America increased their target price on Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research report on Friday, February 9th. Finally, Citigroup cut their target price on Kellogg from $91.00 to $87.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $73.69.
Kellogg (NYSE K) opened at $70.25 on Monday. The firm has a market capitalization of $24,288.85, a P/E ratio of 17.39, a price-to-earnings-growth ratio of 2.16 and a beta of 0.48. 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 has a 1-year low of $58.76 and a 1-year high of $75.31.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.10 billion. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 EPS. equities research analysts expect that Kellogg will post 4.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.07%. The ex-dividend date is Friday, March 2nd. Kellogg’s dividend payout ratio is presently 59.67%.
Kellogg announced that its board has initiated a stock repurchase plan on Friday, December 15th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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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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