Benjamin F. Edwards & Company Inc. Raises Position in Kellogg (K)

Benjamin F. Edwards & Company Inc. increased its position in shares of Kellogg (NYSE:K) by 19.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,107 shares of the company’s stock after acquiring an additional 1,675 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Kellogg were worth $687,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of K. Capital Investment Advisors LLC bought a new stake in shares of Kellogg in the 4th quarter valued at about $685,000. National Pension Service grew its position in shares of Kellogg by 11.4% in the 4th quarter. National Pension Service now owns 291,384 shares of the company’s stock valued at $19,808,000 after buying an additional 29,724 shares during the last quarter. Bank of Montreal Can grew its position in shares of Kellogg by 12.6% in the 4th quarter. Bank of Montreal Can now owns 623,682 shares of the company’s stock valued at $42,398,000 after buying an additional 70,022 shares during the last quarter. Atria Investments LLC bought a new stake in shares of Kellogg in the 4th quarter valued at about $243,000. Finally, Hexavest Inc. bought a new stake in shares of Kellogg in the 4th quarter valued at about $46,781,000. Institutional investors and hedge funds own 89.62% of the company’s stock.

A number of equities research analysts have commented on K shares. Bank of America reiterated an “underperform” rating and issued a $66.00 price target (down previously from $72.00) on shares of Kellogg in a research report on Monday, October 9th. 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 set a $81.00 price objective on Kellogg and gave the company a “hold” rating in a research note on Wednesday, October 18th. 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. Finally, Susquehanna Bancshares set a $71.00 price objective on Kellogg and gave the company a “hold” rating in a research note on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $72.57.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $65.11, for a total transaction of $2,898,371.65. Following the transaction, the insider now directly owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 349,754 shares of company stock worth $22,304,119. 1.30% of the stock is owned by company insiders.

Kellogg (K) opened at $66.62 on Friday. The stock has a market capitalization of $22,990.00, a PE ratio of 29.74, a PEG ratio of 2.51 and a beta of 0.52. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43. Kellogg has a 52 week low of $58.76 and a 52 week high of $76.69.

Kellogg (NYSE:K) last posted its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.11. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same period in the prior year, the business earned $0.96 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. sell-side analysts predict that Kellogg will post 4.03 earnings per share for the current fiscal year.

Kellogg announced that its Board of Directors has approved a stock repurchase program 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 programs are typically an indication that the company’s leadership believes its stock is undervalued.

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Kellogg 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.

Institutional Ownership by Quarter for Kellogg (NYSE:K)

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