Stephens Inc. AR Sells 753 Shares of Kellogg (NYSE:K)

Stephens Inc. AR reduced its position in Kellogg (NYSE:KGet Rating) by 11.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,896 shares of the company’s stock after selling 753 shares during the period. Stephens Inc. AR’s holdings in Kellogg were worth $411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Kellogg by 2.3% in the first quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock valued at $1,892,981,000 after buying an additional 646,828 shares during the period. State Street Corp boosted its position in shares of Kellogg by 1.2% in the 2nd quarter. State Street Corp now owns 14,869,386 shares of the company’s stock worth $1,060,782,000 after purchasing an additional 173,266 shares during the last quarter. Invesco Ltd. grew its stake in shares of Kellogg by 6.3% during the first quarter. Invesco Ltd. now owns 5,137,164 shares of the company’s stock worth $331,296,000 after purchasing an additional 302,388 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Kellogg by 8.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,185,275 shares of the company’s stock valued at $269,909,000 after buying an additional 310,891 shares during the period. Finally, Northern Trust Corp boosted its holdings in Kellogg by 2.8% during the second quarter. Northern Trust Corp now owns 3,673,964 shares of the company’s stock worth $262,099,000 after buying an additional 101,556 shares during the last quarter. Institutional investors own 82.59% of the company’s stock.

Kellogg Stock Down 0.3 %

Kellogg stock opened at $67.29 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.74 and a quick ratio of 0.46. The company’s 50-day moving average is $71.49 and its 200-day moving average is $72.43. The firm has a market capitalization of $22.96 billion, a PE ratio of 15.50, a P/E/G ratio of 2.70 and a beta of 0.44. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $77.17.

Kellogg (NYSE:KGet Rating) last issued its earnings results on Thursday, November 3rd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.97 by $0.04. Kellogg had a return on equity of 31.96% and a net margin of 10.01%. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.78 billion. Sell-side analysts anticipate that Kellogg will post 4.13 earnings per share for the current year.

Kellogg Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend was Wednesday, November 30th. Kellogg’s dividend payout ratio is presently 54.38%.

Kellogg announced that its Board of Directors has authorized a share buyback program on Monday, December 12th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to reacquire up to 6.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

K has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of Kellogg from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 20th. Exane BNP Paribas assumed coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 target price on the stock. Piper Sandler lowered their price target on Kellogg to $72.00 in a report on Wednesday, October 5th. BNP Paribas initiated coverage on Kellogg in a report on Tuesday, November 15th. They set an “underperform” rating and a $66.00 price objective on the stock. Finally, StockNews.com assumed coverage on Kellogg in a research note on Wednesday, October 12th. They set a “buy” rating for the company. Four analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Kellogg has a consensus rating of “Hold” and a consensus target price of $72.00.

Insider Activity

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, December 12th. The stock was sold at an average price of $73.41, for a total value of $7,341,000.00. Following the transaction, the insider now directly owns 56,031,838 shares of the company’s stock, valued at approximately $4,113,297,227.58. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Christopher M. Hood sold 2,800 shares of Kellogg stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $72.04, for a total value of $201,712.00. Following the completion of the sale, the senior vice president now directly owns 29,427 shares in the company, valued at $2,119,921.08. 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 100,000 shares of the stock in a transaction that occurred on Monday, December 12th. The stock was sold at an average price of $73.41, for a total value of $7,341,000.00. Following the sale, the insider now directly owns 56,031,838 shares in the company, valued at approximately $4,113,297,227.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 602,800 shares of company stock valued at $42,582,712. 1.40% of the stock is owned by insiders.

About Kellogg

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Institutional Ownership by Quarter for Kellogg (NYSE:K)

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