Kellogg Co. (K) Trading Up 2%
Kellogg Co. (NYSE:K) was up 2% during mid-day trading on Wednesday . The stock traded as high as $83.21 and last traded at $83.11, with a volume of 1,469,312 shares changing hands. The stock had previously closed at $81.52.
K has been the subject of several analyst reports. Goldman Sachs Group Inc. upgraded Kellogg from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $67.00 to $80.00 in a report on Wednesday, March 16th. Credit Suisse Group AG restated a “buy” rating on shares of Kellogg in a report on Sunday, March 27th. Vetr lowered Kellogg from a “buy” rating to a “hold” rating and set a $78.98 target price for the company. in a report on Tuesday, March 29th. Zacks Investment Research lowered Kellogg from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Finally, Citigroup Inc. boosted their target price on Kellogg from $84.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, April 14th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. Kellogg has an average rating of “Hold” and a consensus target price of $77.12.
The stock has a 50-day moving average of $77.55 and a 200-day moving average of $75.32. The company has a market capitalization of $29.09 billion and a PE ratio of 52.97.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, May 5th. The company reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.03. The company earned $3.40 billion during the quarter, compared to the consensus estimate of $3.47 billion. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 earnings per share. Equities research analysts anticipate that Kellogg Co. will post $3.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, May 27th. This represents a $2.00 dividend on an annualized basis and a yield of 2.41%.
In other news, SVP Alistair D. Hirst sold 9,830 shares of Kellogg stock in a transaction that occurred on Friday, May 13th. The stock was sold at an average price of $77.21, for a total transaction of $758,974.30. Following the completion of the transaction, the senior vice president now directly owns 40,256 shares in the company, valued at approximately $3,108,165.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 130,000 shares of Kellogg stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $82.44, for a total value of $10,717,200.00. The disclosure for this sale can be found here.
Other hedge funds and institutional investors have modified their holdings of the company. Amica Mutual Insurance Co. acquired a new position in shares of Kellogg during the fourth quarter valued at approximately $1,159,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in 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 during the period. Tredje AP fonden increased its stake in 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 during the period. Pittenger & Anderson Inc. increased its stake in Kellogg by 3.7% in the fourth quarter. Pittenger & Anderson Inc. now owns 19,705 shares of the company’s stock valued at $1,424,000 after buying an additional 710 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Kellogg by 5.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 21,844 shares of the company’s stock valued at $1,579,000 after buying an additional 1,215 shares during the period.
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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