Bp Plc Reduces Stake in Kellogg (K)
Bp Plc lowered its position in shares of Kellogg (NYSE:K) by 10.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 27,000 shares of the company’s stock after selling 3,000 shares during the period. Bp Plc’s holdings in Kellogg were worth $1,836,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Teacher Retirement System of Texas lifted its holdings in shares of Kellogg by 1,304.0% during the fourth quarter. Teacher Retirement System of Texas now owns 124,972 shares of the company’s stock worth $8,496,000 after buying an additional 116,071 shares in the last quarter. Cypress Wealth Services LLC acquired a new stake in shares of Kellogg during the fourth quarter worth $1,427,000. Blue Sky Asset Management LLC acquired a new stake in shares of Kellogg during the fourth quarter worth $908,000. Calton & Associates Inc. acquired a new stake in shares of Kellogg during the fourth quarter worth $112,000. Finally, American Century Companies Inc. lifted its holdings in shares of Kellogg by 5.9% during the fourth quarter. American Century Companies Inc. now owns 3,236,189 shares of the company’s stock worth $219,996,000 after buying an additional 180,047 shares in the last quarter. 89.92% of the stock is owned by institutional investors.
Kellogg (NYSE K) opened at $67.33 on Friday. The company has a debt-to-equity ratio of 3.52, a current ratio of 0.68 and a quick ratio of 0.43. The company has a market capitalization of $23,710.00, a PE ratio of 18.55, a P/E/G ratio of 2.45 and a beta of 0.47. Kellogg has a 52 week low of $58.76 and a 52 week high of $76.56.
Kellogg declared that its Board of Directors has approved a stock buyback program on Friday, December 15th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of research analysts recently commented on the company. Royal Bank of Canada reaffirmed a “hold” rating and issued a $78.00 price target on shares of Kellogg in a research note on Wednesday, October 25th. Credit Suisse Group dropped their price target on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Piper Jaffray Companies set a $72.00 price target on Kellogg and gave the company a “hold” rating in a research note on Tuesday, October 31st. Susquehanna Bancshares set a $69.00 price target on Kellogg and gave the company a “hold” rating in a research note on Monday, February 5th. Finally, Buckingham Research dropped their price target on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $73.47.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 67,887,323 shares of the company’s stock, valued at $4,420,143,600.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the business’s stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $65.00, for a total value of $207,675.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 306,316 shares of company stock valued at $20,381,841. Insiders own 1.30% of the company’s stock.
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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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