Kellogg Co. (K) Shares Gap Up to $81.08
Kellogg Co. (NYSE:K) 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 trading hands.
K has been the topic of several analyst reports. Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Tuesday, April 12th. Citigroup Inc. raised their price target 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. Susquehanna restated a “hold” rating on shares of Kellogg in a research note on Wednesday, May 4th. Sanford C. Bernstein restated a “market perform” rating and issued a $76.00 price target (down previously from $77.00) on shares of Kellogg in a research note on Monday, May 9th. Finally, TheStreet upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a research note on Friday, May 6th. 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 price target of $80.81.
The stock has a market capitalization of $28.95 billion and a PE ratio of 52.72. The company has a 50-day moving average price of $81.35 and a 200-day moving average price of $76.68.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.91 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.91. During the same period in the prior year, the business earned $0.92 earnings per share. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.37 billion. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities research analysts forecast that Kellogg Co. will post $3.67 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.52 dividend. This is a boost from Kellogg’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Tuesday, August 30th.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $78.00, for a total transaction of $11,700,000.00. Following the completion of the sale, the insider now directly owns 69,053,690 shares of the company’s stock, valued at $5,386,187,820. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 250,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here.
Other large investors have bought and sold shares of the company. BlackRock Advisors LLC increased its stake in Kellogg by 14.3% in the fourth quarter. BlackRock Advisors LLC now owns 248,770 shares of the company’s stock worth $17,979,000 after buying an additional 31,063 shares during the period. State of Tennessee Treasury Department boosted its position in shares of Kellogg by 174.6% in the fourth quarter. State of Tennessee Treasury Department now owns 107,350 shares of the company’s stock worth $7,758,000 after buying an additional 68,250 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Kellogg by 8.9% in the fourth quarter. BNP Paribas Arbitrage SA now owns 344,042 shares of the company’s stock worth $24,864,000 after buying an additional 28,237 shares in the last quarter. Opus Investment Management Inc. boosted its position in shares of Kellogg by 14.5% in the fourth quarter. Opus Investment Management Inc. now owns 79,000 shares of the company’s stock worth $5,709,000 after buying an additional 10,000 shares in the last quarter. Finally, I.G. Investment Management LTD. boosted its position in shares of Kellogg by 144.4% in the fourth quarter. I.G. Investment Management LTD. now owns 405,307 shares of the company’s stock worth $29,292,000 after buying an additional 239,492 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.