Investors Sell Kellogg Company (K) on Strength (K)
Traders sold shares of Kellogg Company (NYSE:K) on strength during trading on Tuesday. $28.07 million flowed into the stock on the tick-up and $56.10 million flowed out of the stock on the tick-down, for a money net flow of $28.03 million out of the stock. Of all equities tracked, Kellogg had the 15th highest net out-flow for the day. Kellogg traded up $0.95 for the day and closed at $66.40
K has been the topic of a number of recent analyst reports. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the company a “sell” rating in a research note on Tuesday, June 27th. Royal Bank Of Canada boosted their price objective on Kellogg from $79.00 to $81.00 and gave the company a “sector perform” rating in a research note on Monday, August 7th. Piper Jaffray Companies set a $78.00 price objective on Kellogg and gave the company a “buy” rating in a research note on Monday, August 7th. Credit Suisse Group dropped their price target on Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a research note on Monday, May 15th. Finally, Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two 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 $74.50.
The stock has a market cap of $22.92 billion, a price-to-earnings ratio of 30.06 and a beta of 0.49. The firm has a 50-day moving average price of $68.13 and a 200-day moving average price of $70.86.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the previous year, the business earned $0.91 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts anticipate that Kellogg Company will post $3.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a $0.54 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Wednesday, August 30th. Kellogg’s payout ratio is presently 97.74%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Invictus RG purchased a new position in Kellogg in the 1st quarter worth approximately $458,000. Beutel Goodman & Co Ltd. raised its holdings in Kellogg by 28.8% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after acquiring an additional 616,120 shares during the last quarter. Vanguard Group Inc. raised its holdings in Kellogg by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after acquiring an additional 1,248,613 shares during the last quarter. Cambridge Trust Co. raised its holdings in Kellogg by 25.3% in the 1st quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock worth $719,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Somerset Trust Co raised its holdings in Kellogg by 2.9% in the 2nd quarter. Somerset Trust Co now owns 16,037 shares of the company’s stock worth $1,114,000 after acquiring an additional 447 shares during the last quarter. Institutional investors own 85.42% of the company’s stock.
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Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.