Investors Sell Kellogg Co. (K) on Strength (K)
Investors sold shares of Kellogg Co. (NYSE:K) on strength during trading on Monday. $18.45 million flowed into the stock on the tick-up and $78.37 million flowed out of the stock on the tick-down, for a money net flow of $59.92 million out of the stock. Of all stocks tracked, Kellogg had the 0th highest net out-flow for the day. Kellogg traded up $0.74 for the day and closed at $83.11
A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Kellogg from $73.00 to $87.00 and gave the company a “neutral” rating in a research note on Friday, August 5th. RBC Capital Markets restated a “sector perform” rating and set a $86.00 price objective (up from $82.00) on shares of Kellogg in a research note on Friday, August 5th. Deutsche Bank AG restated a “hold” rating on shares of Kellogg in a research note on Saturday, August 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $85.00 price target on shares of Kellogg in a research report on Monday, August 8th. Finally, Citigroup Inc. dropped their price target on shares of Kellogg from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $81.06.
The stock’s 50 day moving average is $82.97 and its 200 day moving average is $78.04. The stock has a market capitalization of $28.93 billion and a price-to-earnings ratio of 47.25.
Kellogg (NYSE:K) last issued 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. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.37 billion. The company’s revenue was down 6.6% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. Equities research analysts anticipate that Kellogg Co. will post $3.64 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 2.50%. This is a positive change from Kellogg’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, August 30th.
In other Kellogg news, Vice Chairman Gary H. Pilnick sold 57,870 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $83.36, for a total value of $4,824,043.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $78.00, for a total value of $11,700,000.00. Following the completion of the transaction, the insider now directly owns 69,053,690 shares in the company, valued at approximately $5,386,187,820. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Kellogg stock. State of Tennessee Treasury Department raised its stake in Kellogg Co. (NYSE:K) by 174.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 107,350 shares of the company’s stock after buying an additional 68,250 shares during the period. State of Tennessee Treasury Department’s holdings in Kellogg were worth $7,758,000 as of its most recent SEC filing.
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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