Kellogg (NYSE:K) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its holdings in Kellogg (NYSE:K – Get Rating) by 4.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 423,132 shares of the company’s stock after selling 18,075 shares during the quarter. California State Teachers Retirement System’s holdings in Kellogg were worth $29,475,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Power Corp of Canada acquired a new stake in Kellogg in the third quarter valued at $1,351,000. CENTRAL TRUST Co lifted its holdings in Kellogg by 1.1% in the third quarter. CENTRAL TRUST Co now owns 66,567 shares of the company’s stock valued at $4,637,000 after acquiring an additional 700 shares during the period. M&T Bank Corp lifted its holdings in Kellogg by 0.5% in the third quarter. M&T Bank Corp now owns 38,834 shares of the company’s stock valued at $2,707,000 after acquiring an additional 189 shares during the period. Warther Private Wealth LLC acquired a new stake in Kellogg in the third quarter valued at $207,000. Finally, Glenmede Trust Co. NA lifted its holdings in Kellogg by 1,923.8% in the third quarter. Glenmede Trust Co. NA now owns 716,281 shares of the company’s stock valued at $49,894,000 after acquiring an additional 680,888 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on K shares. Deutsche Bank Aktiengesellschaft dropped their price objective on Kellogg from $74.00 to $72.00 in a research report on Monday, January 30th. TheStreet cut Kellogg from a “b” rating to a “c+” rating in a research report on Thursday, February 9th. Credit Suisse Group dropped their price objective on Kellogg from $72.00 to $71.00 and set a “neutral” rating for the company in a research report on Friday, February 10th. Morgan Stanley lifted their price objective on Kellogg from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 20th. Finally, StockNews.com upgraded Kellogg from a “hold” rating to a “buy” rating in a research report on Monday, March 13th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $72.11.

Kellogg Stock Down 0.4 %

K opened at $64.74 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.66 and a quick ratio of 0.38. The stock has a market capitalization of $22.13 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.69 and a beta of 0.42. The business has a 50-day moving average of $67.35 and a two-hundred day moving average of $70.49. Kellogg has a 12 month low of $60.22 and a 12 month high of $77.17.

Kellogg (NYSE:K – Get Rating) last posted its quarterly earnings results on Thursday, February 9th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.85 by $0.09. The company had revenue of $3.83 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Kellogg had a return on equity of 32.51% and a net margin of 6.27%. The firm’s revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.83 EPS. On average, research analysts expect that Kellogg will post 4.04 earnings per share for the current year.

Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, February 28th. Kellogg’s dividend payout ratio is currently 84.59%.

Kellogg declared that its board has approved a stock repurchase program on Monday, December 12th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, VP Kurt D. Forche sold 3,265 shares of Kellogg stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $69.36, for a total value of $226,460.40. Following the transaction, the vice president now directly owns 8,942 shares of the company’s stock, valued at approximately $620,217.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Rodrigo Lance sold 2,975 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $67.79, for a total transaction of $201,675.25. Following the transaction, the senior vice president now directly owns 14,935 shares of the company’s stock, valued at approximately $1,012,443.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kurt D. Forche sold 3,265 shares of the business’s stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $69.36, for a total value of $226,460.40. Following the transaction, the vice president now directly owns 8,942 shares in the company, valued at $620,217.12. The disclosure for this sale can be found here. Insiders have sold 528,437 shares of company stock valued at $35,770,511 in the last three months. Corporate insiders own 1.40% of the company’s stock.

Kellogg Profile

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Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It operates through the following segments: North America, Europe, Latin America, and Asia Middle East Africa. The North America segment includes the U.S. businesses and Canada. The Europe segment consists of European countries.