Kellogg (K) Shares Sold by Cambridge Investment Research Advisors Inc.
Cambridge Investment Research Advisors Inc. decreased its stake in Kellogg (NYSE:K) by 48.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 18,587 shares of the company’s stock after selling 17,205 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Kellogg were worth $1,301,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in K. Usca Ria LLC raised its holdings in shares of Kellogg by 118.1% during the 3rd quarter. Usca Ria LLC now owns 71,411 shares of the company’s stock valued at $5,000,000 after purchasing an additional 38,664 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of Kellogg during the 3rd quarter valued at $2,279,000. Creative Financial Designs Inc. ADV raised its holdings in shares of Kellogg by 5.7% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 49,133 shares of the company’s stock valued at $3,440,000 after purchasing an additional 2,667 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Kellogg by 55.7% during the 3rd quarter. Private Advisor Group LLC now owns 21,833 shares of the company’s stock valued at $1,529,000 after purchasing an additional 7,811 shares in the last quarter. Finally, Signition LP bought a new position in shares of Kellogg during the 3rd quarter valued at $609,000. Institutional investors own 86.92% of the company’s stock.
Shares of K opened at $61.71 on Wednesday. The firm has a market capitalization of $21.42 billion, a P/E ratio of 15.27, a PEG ratio of 2.32 and a beta of 0.50. Kellogg has a one year low of $56.40 and a one year high of $74.98. The company has a current ratio of 0.84, a quick ratio of 0.52 and a debt-to-equity ratio of 2.41.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a $0.56 dividend. The ex-dividend date is Friday, November 30th. This represents a $2.24 annualized dividend and a yield of 3.63%. Kellogg’s dividend payout ratio is 55.45%.
A number of research analysts have recently weighed in on the stock. Zacks Investment Research restated a “sell” rating on shares of Kellogg in a report on Tuesday, November 13th. Citigroup dropped their target price on shares of Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Buckingham Research dropped their target price on shares of Kellogg from $77.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Deutsche Bank set a $66.00 target price on shares of Kellogg and gave the stock a “hold” rating in a report on Wednesday, November 14th. Finally, Credit Suisse Group dropped their target price on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, November 14th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $70.22.
In related news, Chairman Steven A. Cahillane purchased 17,825 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were bought at an average cost of $61.63 per share, for a total transaction of $1,098,554.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $74.61, for a total transaction of $16,041,150.00. The disclosure for this sale can be found here. Insiders sold a total of 600,000 shares of company stock worth $41,536,950 over the last 90 days. Company insiders own 1.40% of the company’s stock.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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