Investors Sell Kellogg Company (K) on Strength (K)
Investors sold shares of Kellogg Company (NYSE:K) on strength during trading hours 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 0th highest net out-flow for the day. Kellogg traded up $0.95 for the day and closed at $66.40
Several equities analysts have recently commented on K shares. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. BMO Capital Markets reissued a “hold” rating and issued a $78.00 target price on shares of Kellogg in a report on Wednesday. Morgan Stanley reissued an “equal weight” rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Finally, BidaskClub downgraded shares of Kellogg from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. Kellogg has an average rating of “Hold” and a consensus target price of $74.50.
The firm has a market cap of $23.31 billion, a P/E ratio of 30.58 and a beta of 0.49. The firm has a 50 day moving average of $68.17 and a 200 day moving average of $70.84.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 EPS. On average, equities analysts forecast that Kellogg Company will post $3.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a $0.54 dividend. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.18%. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is presently 97.74%.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was 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 SEC, which is accessible through this hyperlink. Company insiders own 1.30% of the company’s stock.
A number of hedge funds have recently made changes to their positions in K. Washington Trust Bank lifted its holdings in Kellogg by 0.8% in the 2nd quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after purchasing an additional 15 shares in the last quarter. Pathstone Family Office LLC purchased a new position in Kellogg in the 1st quarter valued at $143,000. Exane Derivatives lifted its holdings in Kellogg by 24.2% in the 2nd quarter. Exane Derivatives now owns 2,300 shares of the company’s stock valued at $160,000 after purchasing an additional 448 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in Kellogg by 1.4% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after purchasing an additional 31 shares in the last quarter. Finally, CWM LLC lifted its holdings in Kellogg by 5.3% in the 2nd quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after purchasing an additional 117 shares in the last quarter. Institutional investors own 85.42% of the company’s stock.
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Kellogg Company Profile
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.
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