Norinchukin Bank The Buys 2,844 Shares of Kellogg (K)
Norinchukin Bank The lifted its stake in Kellogg (NYSE:K) by 9.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,559 shares of the company’s stock after purchasing an additional 2,844 shares during the quarter. Norinchukin Bank The’s holdings in Kellogg were worth $2,280,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Principal Financial Group Inc. raised its position in Kellogg by 4.2% during the first quarter. Principal Financial Group Inc. now owns 377,931 shares of the company’s stock worth $24,570,000 after acquiring an additional 15,316 shares in the last quarter. Allianz Asset Management GmbH raised its position in Kellogg by 113.2% during the first quarter. Allianz Asset Management GmbH now owns 6,812 shares of the company’s stock worth $443,000 after acquiring an additional 58,391 shares in the last quarter. Xact Kapitalforvaltning AB raised its position in Kellogg by 3.7% during the second quarter. Xact Kapitalforvaltning AB now owns 38,848 shares of the company’s stock worth $2,714,000 after acquiring an additional 1,400 shares in the last quarter. Atria Investments LLC raised its position in Kellogg by 41.6% during the second quarter. Atria Investments LLC now owns 4,737 shares of the company’s stock worth $331,000 after acquiring an additional 1,391 shares in the last quarter. Finally, Oakbrook Investments LLC bought a new stake in Kellogg during the second quarter worth $203,000. 86.92% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on the stock. Buckingham Research dropped their price objective on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, November 1st. Wells Fargo & Co reissued a “hold” rating and issued a $67.00 price objective (up from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. Royal Bank of Canada dropped their price objective on shares of Kellogg to $72.00 and set a “market perform” rating on the stock in a research report on Thursday, November 1st. Credit Suisse Group dropped their price objective on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a research report on Wednesday, November 14th. Finally, Piper Jaffray Companies set a $79.00 price objective on shares of Kellogg and gave the company a “buy” rating in a research report on Tuesday, October 16th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $70.22.
Kellogg (NYSE:K) last released its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Kellogg’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Kellogg will post 4.31 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, November 30th. Kellogg’s dividend payout ratio is 55.45%.
In other news, CFO Fareed A. Khan acquired 8,190 shares of Kellogg stock in a transaction on Tuesday, November 20th. The shares were purchased at an average cost of $62.14 per share, for a total transaction of $508,926.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the stock in a transaction dated 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. Over the last ninety days, insiders have sold 600,000 shares of company stock worth $41,536,950. 1.40% of the stock is owned by insiders.
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Kellogg Company Profile
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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