Traders Sell Shares of Kellogg (K) on Strength (K)
Traders sold shares of Kellogg (NYSE:K) on strength during trading hours on Wednesday. $33.02 million flowed into the stock on the tick-up and $112.24 million flowed out of the stock on the tick-down, for a money net flow of $79.22 million out of the stock. Of all stocks tracked, Kellogg had the 25th highest net out-flow for the day. Kellogg traded up $0.57 for the day and closed at $66.51
A number of equities research analysts recently commented on K shares. Buckingham Research lowered their price target on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Wednesday, November 22nd. Citigroup increased their price target on Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a research report on Tuesday. Morgan Stanley lowered their price target on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research report on Friday, October 13th. Finally, DZ Bank lowered Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, December 8th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $72.57.
The firm has a market capitalization of $22,950.00, a P/E ratio of 29.69, a PEG ratio of 2.45 and a beta of 0.52. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71.
Kellogg declared that its Board of Directors has initiated a share repurchase plan on Friday, December 15th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $65.14, for a total transaction of $5,120,394.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven A. Cahillane purchased 15,930 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were purchased at an average price of $62.70 per share, with a total value of $998,811.00. Following the purchase, the chief executive officer now directly owns 15,930 shares in the company, valued at approximately $998,811. The disclosure for this purchase can be found here. Insiders sold a total of 349,754 shares of company stock valued at $22,304,119 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.
Several hedge funds have recently bought and sold shares of K. CLS Investments LLC bought a new position in Kellogg in the 3rd quarter worth about $124,000. Sawyer & Company Inc bought a new position in Kellogg in the 4th quarter worth about $170,000. Fruth Investment Management bought a new position in Kellogg in the 4th quarter worth about $201,000. Appleton Partners Inc. MA bought a new position in Kellogg in the 4th quarter worth about $209,000. Finally, Koch Industries Inc. bought a new position in Kellogg in the 2nd quarter worth about $217,000. Institutional investors own 89.62% 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.
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