Kellogg Co. (K) Sees Unusually-High Trading Volume
Kellogg Co. (NYSE:K) shares saw unusually-high trading volume on Friday . Approximately 4,614,747 shares changed hands during trading, an increase of 48% from the previous session’s volume of 3,116,808 shares.The stock last traded at $85.57 and had previously closed at $85.32.
K has been the topic of several recent research reports. Credit Suisse Group AG restated a “buy” rating on shares of Kellogg in a report on Sunday, March 27th. Vetr lowered shares of Kellogg from a “buy” rating to a “hold” rating and set a $78.98 price objective on the stock. in a report on Tuesday, March 29th. Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a report on Tuesday, April 12th. Citigroup Inc. boosted 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. Finally, Susquehanna reiterated a “hold” rating on shares of Kellogg in a report on Wednesday, May 4th. One research 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 a consensus rating of “Hold” and an average target price of $77.12.
The stock has a market capitalization of $30.10 billion and a PE ratio of 54.81. The company has a 50-day moving average of $78.43 and a 200-day moving average of $75.54.
Kellogg (NYSE:K) last posted its earnings results on Thursday, May 5th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. The firm earned $3.40 billion during the quarter, compared to analyst estimates of $3.47 billion. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 earnings per share. On average, equities analysts forecast that Kellogg Co. will post $3.69 earnings per share for the current year.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 99,000 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $84.00, for a total value of $8,316,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the stock in a transaction 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 disclosure for this sale can be found here.
Other institutional investors have added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in 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 position in 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 position in 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 position in 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, Bank of Montreal Can increased its position in Kellogg by 9.6% in the fourth quarter. Bank of Montreal Can now owns 412,314 shares of the company’s stock worth $29,797,000 after buying an additional 36,082 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.