Kellogg Co. (K) Shares Gap Up to $81.08
Kellogg Co. (NYSE:K) shares gapped up prior to trading on Thursday . The stock had previously closed at $80.75, but opened at $81.08. Kellogg shares last traded at $82.45, with a volume of 1,441,839 shares changing hands.
A number of research firms recently commented on K. TheStreet upgraded Kellogg from a “hold” rating to a “buy” rating in a research report on Friday, May 6th. Zacks Investment Research upgraded Kellogg from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research report on Friday, April 22nd. Citigroup Inc. lifted their price objective on Kellogg from $84.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, April 14th. Susquehanna reiterated a “hold” rating on shares of Kellogg in a research report on Wednesday. Finally, Deutsche Bank AG raised their price target on Kellogg from $74.00 to $78.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $78.12.
The firm has a market cap of $28.85 billion and a P/E ratio of 52.53. The stock has a 50 day moving average of $81.19 and a 200-day moving average of $76.63.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, meeting the consensus estimate of $0.91. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. Analysts anticipate that Kellogg Co. will post $3.68 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.52%. This is an increase from Kellogg’s previous quarterly dividend of $0.50. The ex-dividend date is Tuesday, August 30th.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 250,000 shares of the firm’s stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $76.98, for a total transaction of $19,245,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ronald L. Dissinger sold 50,000 shares of the firm’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 directly owns 83,749 shares of the company’s stock, valued at $6,450,347.98. The disclosure for this sale can be found here.
Other large investors have added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted 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 worth $1,205,000 after buying an additional 314 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Kellogg by 0.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 28,680 shares of the company’s stock worth $2,073,000 after buying an additional 198 shares during the last quarter. Morgan Stanley raised its position 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. Principal Financial Group Inc. raised its position in shares of Kellogg by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 361,749 shares of the company’s stock worth $26,144,000 after buying an additional 7,791 shares during the last quarter. Finally, Aberdeen Asset Management PLC UK raised its position in shares of Kellogg by 23.7% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 70,654 shares of the company’s stock worth $5,088,000 after buying an additional 13,545 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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