Envestnet Asset Management Inc, which manages about $60.39B and $41.79B US Long portfolio, decreased its stake in Spdr Series Trust (KRE) by 17,412 shares to 80,970 shares, valued at $4.60 million in 2017Q3, according to the filing.
Several institutional investors have recently made changes to their positions in K. BlueCrest Capital Management Ltd purchased a new position in Kellogg during the 2nd quarter valued at $4,404,000. Veritable L.P. raised its holdings in shares of Kellogg by 5.1% during the second quarter. The institutional investor held 121,189 shares of the oil & gas production company at the end of 2017Q3, valued at $15.72M, up from 114,496 at the end of the previous reported quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company's stock valued at $545,047,000 after purchasing an additional 3,807,425 shares in the last quarter. The SI to Kellogg Company's float is 11.89%. FMR LLC now owns 1,420,316 shares of the company's stock valued at $98,654,000 after purchasing an additional 315,513 shares in the last quarter. Capital Research Global Investors now owns 24,031,728 shares of the company's stock valued at $1,669,244,000 after purchasing an additional 8,495,714 shares in the last quarter. Goelzer Management Inc holds 0.54% or 38,193 shares. Nordea Investment Management AB now owns 14,637 shares of the company's stock worth $1,017,000 after acquiring an additional 117 shares in the last quarter.
Several analysts recently issued reports on K shares. Buckingham Research reduced their price objective on shares of Kellogg from $79.00 to $74.00 and set a "buy" rating for the company in a research report on Wednesday, November 1st. Finally, Citigroup boosted their price target on Kellogg from $86.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday, January 16th. Piper Jaffray Companies set a $72.00 price target on shares of Kellogg and gave the stock a "hold" rating in a research report on Tuesday, October 31st. Argus raised Kellogg from a "hold" rating to a "buy" rating and set a $73.00 price target for the company in a research report on Wednesday, November 22nd. Of those analysts, 4 rate stock as a Strong Buy, 10 rate it as Hold, and just 1 analyst rates it as a Moderate Sell.
The average Wall Street analyst rating for Kellogg Company is Hold, according to the average of 16 analyst scores.
In related news, major shareholder Kellogg W.K. Foundation Trust sold 180,000 shares of the company's stock in a transaction that occurred on Wednesday, January 24th. Of those transactions, there were 70,294 shares of K bought and 1.27 million shares sold. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman John A. Bryant sold 190,000 shares of the company's stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 529,754 shares of company stock valued at $34,459,519. Institutional investors and hedge funds own 83.59% of the company's stock. Grandfield And Dodd Ltd Liability holds 0.03% in Kellogg Company (NYSE:K) or 4,019 shares.
The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43. Its 52-week high and low range is $76.69 and $58.76, respectively. The stock has a market cap of $23,580.00, a PE ratio of 30.50, a PEG ratio of 2.56 and a beta of 0.52. Kellogg Company (NYSE:K) has declined 5.60% since January 28, 2017 and is downtrending. The company reported $1.05 EPS for the quarter, topping the Zacks' consensus estimate of $0.94 by $0.11. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same period in the prior year, the business earned $0.91 earnings per share.
Kellogg declared that its Board of Directors has approved a stock buyback plan on Friday, December 15th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.
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Kellogg Company manufactures and markets ready-to-eat cereal and convenience foods in the United States and internationally.