Kellogg (K) Shares Bought by State of Alaska Department of Revenue
State of Alaska Department of Revenue increased its stake in Kellogg (NYSE:K) by 16.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,840 shares of the company’s stock after acquiring an additional 5,004 shares during the period. State of Alaska Department of Revenue’s holdings in Kellogg were worth $2,435,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in K. FTB Advisors Inc. raised its holdings in Kellogg by 0.5% in the second quarter. FTB Advisors Inc. now owns 3,648 shares of the company’s stock valued at $251,000 after buying an additional 17 shares during the period. Nordea Investment Management AB raised its holdings in Kellogg by 0.8% in the second quarter. Nordea Investment Management AB now owns 14,637 shares of the company’s stock valued at $1,017,000 after buying an additional 117 shares during the period. Veritable L.P. raised its holdings in Kellogg by 5.1% in the second quarter. Veritable L.P. now owns 6,456 shares of the company’s stock valued at $448,000 after buying an additional 315 shares during the period. Advisory Services Network LLC raised its holdings in Kellogg by 10.5% in the second quarter. Advisory Services Network LLC now owns 4,689 shares of the company’s stock valued at $326,000 after buying an additional 445 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Kellogg by 3.6% in the second quarter. HighTower Advisors LLC now owns 18,326 shares of the company’s stock valued at $1,273,000 after buying an additional 637 shares during the period. 89.82% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently issued reports on K shares. Citigroup lifted their price objective on shares of Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research note on Tuesday, January 16th. DZ Bank lowered shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. Argus upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research note on Wednesday, November 22nd. UBS Group dropped their price objective on shares of Kellogg from $72.00 to $67.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 1st. Finally, Buckingham Research dropped their price objective on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, November 1st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. Kellogg currently has a consensus rating of “Hold” and a consensus target price of $72.57.
Kellogg (NYSE:K) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.11. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business’s revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. analysts expect that Kellogg will post 4.04 EPS for the current year.
Kellogg declared that its board has approved a share repurchase program on Friday, December 15th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In related news, CEO Steven A. Cahillane purchased 15,930 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The stock was acquired at an average price of $62.70 per share, for a total transaction of $998,811.00. Following the completion of the purchase, the chief executive officer now owns 15,930 shares in the company, valued at $998,811. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Donald R. Knauss sold 6,846 shares of Kellogg stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total transaction of $428,354.22. Following the completion of the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $312,850. The disclosure for this sale can be found here. In the last 90 days, insiders sold 529,754 shares of company stock valued at $34,459,519. Insiders own 1.30% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This piece was reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are accessing this piece on another site, it was illegally stolen and reposted in violation of U.S. and international copyright law. The legal version of this piece can be read at https://theolympiareport.com/2018/01/27/kellogg-k-shares-bought-by-state-of-alaska-department-of-revenue.html.
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.
Want to see what other hedge funds are holding K? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kellogg (NYSE:K).
Receive News & Ratings for Kellogg Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg and related companies with MarketBeat.com's FREE daily email newsletter.