Kellogg Co. (K) Sets New 52-Week High at $82.89
Kellogg Co. (NYSE:K) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $82.89 and last traded at $82.44, with a volume of 1,168,185 shares trading hands. The stock had previously closed at $82.26.
A number of research analysts have commented on K shares. TheStreet upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a research note on Friday, May 6th. Zacks Investment Research upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $84.00 price objective on the stock in a research note on Friday, April 22nd. Credit Suisse Group AG increased their price objective on shares of Kellogg from $82.00 to $86.00 and gave the company an “outperform” rating in a research note on Wednesday, April 6th. Citigroup Inc. increased their price objective on shares of Kellogg from $84.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, April 14th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $76.00 price target (down from $77.00) on shares of Kellogg in a research report on Monday, May 9th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the stock. Kellogg has a consensus rating of “Hold” and a consensus price target of $77.12.
The firm has a market capitalization of $28.80 billion and a P/E ratio of 52.43. The firm’s 50-day moving average is $76.91 and its 200-day moving average is $75.08.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, May 5th. The company reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.03. The business had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.47 billion. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 EPS. Equities research analysts expect that Kellogg Co. will post $3.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, May 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.43%.
In other news, CFO Ronald L. Dissinger sold 50,000 shares of the business’s stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $77.02, for a total value of $3,851,000.00. Following the sale, the chief financial officer now owns 83,749 shares in the company, valued at approximately $6,450,347.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Alistair D. Hirst sold 9,830 shares of the business’s stock in a transaction on Friday, May 13th. The shares were sold at an average price of $77.21, for a total transaction of $758,974.30. Following the completion of the sale, the senior vice president now owns 40,256 shares in the company, valued at approximately $3,108,165.76. The disclosure for this sale can be found here.
Other large investors have recently modified their holdings of the company. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in shares of Kellogg by 6.4% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 35,132 shares of the company’s stock valued at $2,539,000 after buying an additional 2,099 shares in the last quarter. Morgan Stanley increased its stake in shares of Kellogg by 1.4% in the fourth quarter. Morgan Stanley now owns 892,072 shares of the company’s stock valued at $64,469,000 after buying an additional 12,335 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Kellogg by 1.9% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,671 shares of the company’s stock valued at $1,205,000 after buying an additional 314 shares in the last quarter. Baker Chad R purchased a new stake in shares of Kellogg during the fourth quarter valued at approximately $2,168,000. Finally, Tredje AP fonden increased its stake in shares of Kellogg by 1.1% in the fourth quarter. Tredje AP fonden now owns 16,776 shares of the company’s stock valued at $1,212,000 after buying an additional 182 shares in the last quarter.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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