Essex Savings Bank bought a new stake in Kellogg (NYSE:K) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,510 shares of the company’s stock, valued at approximately $86,000.
Other institutional investors have also added to or reduced their stakes in the company. Highwater Wealth Management LLC acquired a new position in shares of Kellogg during the 4th quarter worth $70,000. PNC Financial Services Group Inc. raised its stake in shares of Kellogg by 46.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 389,170 shares of the company’s stock worth $27,251,000 after buying an additional 123,011 shares during the last quarter. Manning & Napier Group LLC raised its stake in shares of Kellogg by 11.5% during the 3rd quarter. Manning & Napier Group LLC now owns 67,873 shares of the company’s stock worth $4,752,000 after buying an additional 7,005 shares during the last quarter. Aperio Group LLC raised its stake in shares of Kellogg by 5.2% during the 3rd quarter. Aperio Group LLC now owns 153,080 shares of the company’s stock worth $10,719,000 after buying an additional 7,618 shares during the last quarter. Finally, Standard Life Aberdeen plc raised its stake in shares of Kellogg by 6.3% during the 3rd quarter. Standard Life Aberdeen plc now owns 110,800 shares of the company’s stock worth $7,758,000 after buying an additional 6,519 shares during the last quarter. 86.55% of the stock is owned by institutional investors.
K opened at $59.14 on Wednesday. The company has a debt-to-equity ratio of 2.41, a current ratio of 0.84 and a quick ratio of 0.52. The stock has a market capitalization of $20.45 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 2.23 and a beta of 0.58. Kellogg has a 12 month low of $55.11 and a 12 month high of $74.98.
Several research analysts have recently issued reports on K shares. Piper Jaffray Companies set a $79.00 price target on Kellogg and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. ValuEngine raised Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Buckingham Research cut their target price on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. Finally, Deutsche Bank cut their target price on shares of Kellogg from $73.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, November 1st. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $69.35.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Thursday, December 20th. The stock was sold at an average price of $57.69, for a total value of $5,769,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Steven A. Cahillane purchased 17,825 shares of the stock in a transaction on Monday, November 19th. The stock was acquired at an average price of $61.63 per share, with a total value of $1,098,554.75. The disclosure for this purchase can be found here. Insiders sold a total of 580,000 shares of company stock valued at $34,626,200 in the last 90 days. 1.40% of the stock is owned by company insiders.
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Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
See Also: Systematic Risk
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