RNC Capital Management LLC lessened its holdings in shares of Kellogg (NYSE:K) by 13.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,716 shares of the company’s stock after selling 1,325 shares during the period. RNC Capital Management LLC’s holdings in Kellogg were worth $593,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. King Luther Capital Management Corp raised its stake in Kellogg by 2.7% in the 2nd quarter. King Luther Capital Management Corp now owns 3,640 shares of the company’s stock worth $253,000 after acquiring an additional 95 shares during the last quarter. Amalgamated Bank raised its stake in Kellogg by 55.5% in the 2nd quarter. Amalgamated Bank now owns 29,195 shares of the company’s stock worth $2,028,000 after acquiring an additional 10,423 shares during the last quarter. Profund Advisors LLC raised its stake in Kellogg by 25.8% in the 2nd quarter. Profund Advisors LLC now owns 7,409 shares of the company’s stock worth $515,000 after acquiring an additional 1,520 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Kellogg by 3.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 156,551 shares of the company’s stock worth $10,873,000 after acquiring an additional 4,798 shares during the last quarter. Finally, BRYN MAWR TRUST Co raised its stake in Kellogg by 4.0% in the 2nd quarter. BRYN MAWR TRUST Co now owns 5,187 shares of the company’s stock worth $361,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 89.62% of the company’s stock.
Kellogg (K) opened at $65.94 on Wednesday. The firm has a market capitalization of $22,760.00, a PE ratio of 29.44, a price-to-earnings-growth ratio of 2.45 and a beta of 0.52. Kellogg has a 52 week low of $58.76 and a 52 week high of $76.69. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68.
Kellogg announced that its board has initiated a stock buyback program on Friday, December 15th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of Kellogg stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of Kellogg stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $65.11, for a total value of $2,898,371.65. Following the completion of the sale, the insider now owns 67,887,323 shares in the company, valued at $4,420,143,600.53. The disclosure for this sale can be found here. Insiders have sold a total of 349,754 shares of company stock worth $22,304,119 over the last 90 days. Insiders own 1.30% of the company’s stock.
K has been the subject of a number of research analyst reports. Piper Jaffray Companies lowered Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 target price for the company. in a research note on Tuesday, September 19th. Bank of America restated an “underperform” rating and issued a $66.00 target price (down previously from $72.00) on shares of Kellogg in a research note on Monday, October 9th. Morgan Stanley reduced their target price on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 target price on Kellogg and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Finally, Credit Suisse Group reduced their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Three equities 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 presently has a consensus rating of “Hold” and a consensus price target of $72.57.
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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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