Nachman Norwood & Parrott Inc lifted its position in shares of Kellogg (NYSE:K) by 6.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,694 shares of the company’s stock after buying an additional 400 shares during the quarter. Nachman Norwood & Parrott Inc’s holdings in Kellogg were worth $463,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Voya Investment Management LLC increased its holdings in shares of Kellogg by 733.1% during the third quarter. Voya Investment Management LLC now owns 1,279,280 shares of the company’s stock valued at $82,321,000 after acquiring an additional 1,125,723 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in Kellogg during the second quarter worth $54,543,000. State Street Corp grew its holdings in Kellogg by 5.9% during the third quarter. State Street Corp now owns 12,963,660 shares of the company’s stock worth $834,212,000 after buying an additional 725,882 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Kellogg by 31.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,978,156 shares of the company’s stock worth $105,970,000 after buying an additional 472,686 shares in the last quarter. Finally, Polaris Greystone Financial Group LLC bought a new stake in Kellogg during the third quarter worth $26,115,000. Institutional investors own 86.96% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $62.56, for a total value of $6,256,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Gary H. Pilnick sold 20,655 shares of Kellogg stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $63.73, for a total transaction of $1,316,343.15. The disclosure for this sale can be found here. In the last three months, insiders sold 625,291 shares of company stock worth $41,158,106. 0.09% of the stock is owned by insiders.
Kellogg (NYSE:K) last released its earnings results on Tuesday, October 29th. The company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.12. Kellogg had a return on equity of 42.47% and a net margin of 5.35%. The company had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the previous year, the business earned $1.06 earnings per share. Kellogg’s quarterly revenue was down 2.8% compared to the same quarter last year. Analysts expect that Kellogg will post 3.88 EPS for the current fiscal year.
Several equities research analysts recently issued reports on K shares. Credit Suisse Group upgraded Kellogg from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $60.00 to $78.00 in a report on Tuesday, January 7th. Edward Jones upgraded Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating and set a $73.00 price objective for the company. in a research note on Friday, January 10th. Evercore ISI initiated coverage on Kellogg in a research report on Thursday, October 24th. They set an “in-line” rating and a $67.00 price target on the stock. Finally, Barclays cut Kellogg to an “equal weight” rating in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and an average target price of $67.75.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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