Kellogg Co. (K) Sets New 1-Year High at $85.04
Kellogg Co. (NYSE:K)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $85.04 and last traded at $84.89, with a volume of 3,550,850 shares traded. The stock had previously closed at $83.11.
K has been the subject of a number of analyst reports. Goldman Sachs Group Inc. raised shares of Kellogg from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $67.00 to $80.00 in a report on Wednesday, March 16th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Kellogg in a report on Sunday, March 27th. Vetr downgraded shares of Kellogg from a “buy” rating to a “hold” rating and set a $78.98 price objective for the company. in a report on Tuesday, March 29th. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Finally, Citigroup Inc. raised their price objective on shares of 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 stock. The company presently has a consensus rating of “Hold” and an average price target of $77.12.
The company has a 50 day moving average of $77.80 and a 200 day moving average of $75.37. The firm has a market capitalization of $29.61 billion and a P/E ratio of 53.92.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, May 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. The company’s quarterly revenue was down 4.5% on a year-over-year basis. On average, equities analysts expect that Kellogg Co. will post $3.69 earnings per share for the current year.
The company also recently disclosed 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 2.41%.
In other Kellogg news, Director James M. Jenness sold 4,170 shares of the stock in a transaction dated Friday, May 13th. The shares were sold at an average price of $77.45, for a total transaction of $322,966.50. Following the sale, the director now directly owns 108,131 shares in the company, valued at $8,374,745.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 130,000 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $82.44, for a total transaction of $10,717,200.00. The disclosure for this sale can be found here.
Other large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Kellogg by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 16,748,623 shares of the company’s stock worth $1,210,422,000 after buying an additional 385,613 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Kellogg by 1.9% in the fourth quarter. Wells Fargo & Company MN now owns 4,553,064 shares of the company’s stock worth $329,051,000 after buying an additional 85,898 shares during the last quarter. UBS Oconnor LLC increased its stake in shares of Kellogg by 57.4% in the fourth quarter. UBS Oconnor LLC now owns 1,327,037 shares of the company’s stock worth $95,905,000 after buying an additional 483,742 shares during 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 worth $64,469,000 after buying an additional 12,335 shares during the last quarter. Finally, New York State Common Retirement Fund increased its stake in shares of Kellogg by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 580,400 shares of the company’s stock worth $41,946,000 after buying an additional 2,300 shares during 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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