Kellogg (NYSE:K) Vice Chairman Gary H. Pilnick sold 4,400 shares of Kellogg stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $67.55, for a total transaction of $297,220.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Kellogg (NYSE K) traded down $0.64 during trading on Wednesday, reaching $69.00. 2,552,848 shares of the company’s stock were exchanged, compared to its average volume of 3,048,875. The firm has a market capitalization of $23,890.00, a P/E ratio of 19.00, a PEG ratio of 2.15 and a beta of 0.48. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 3.52. Kellogg has a 1 year low of $58.76 and a 1 year high of $75.31.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. The firm had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.10 billion. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. research analysts predict that Kellogg will post 4.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Monday, March 5th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Friday, March 2nd. Kellogg’s dividend payout ratio is presently 59.34%.
Kellogg declared that its board has approved a share repurchase program on Friday, December 15th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
A number of institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Kellogg by 62.6% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 43,588 shares of the company’s stock valued at $2,963,000 after acquiring an additional 16,778 shares during the period. Elkfork Partners LLC acquired a new position in shares of Kellogg during the fourth quarter valued at $1,091,000. Xact Kapitalforvaltning AB boosted its holdings in shares of Kellogg by 34.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 30,863 shares of the company’s stock valued at $2,098,000 after acquiring an additional 7,889 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Kellogg by 11.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 202,112 shares of the company’s stock valued at $13,740,000 after acquiring an additional 21,005 shares during the period. Finally, OLD Republic International Corp boosted its holdings in shares of Kellogg by 57.1% during the fourth quarter. OLD Republic International Corp now owns 556,000 shares of the company’s stock valued at $37,797,000 after acquiring an additional 202,000 shares during the period. 91.89% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research note on Friday, February 9th. Citigroup dropped their price target on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating for the company in a research note on Friday, February 9th. Morgan Stanley lifted their price target on shares of Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Friday, February 9th. Barclays restated a “sell” rating and issued a $69.00 price target on shares of Kellogg in a research note on Sunday, February 11th. Finally, Pivotal Research assumed coverage on shares of Kellogg in a research note on Monday, February 5th. They issued a “buy” rating and a $80.00 price target for the company. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $73.69.
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Kellogg Company Profile
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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