Insider Buying: Kellogg (K) Chairman Acquires 17,825 Shares of Stock
Kellogg (NYSE:K) Chairman Steven A. Cahillane bought 17,825 shares of the business’s stock in a transaction dated Monday, November 19th. The stock was purchased at an average price of $61.63 per share, for a total transaction of $1,098,554.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
NYSE:K opened at $61.71 on Wednesday. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.98. The firm has a market capitalization of $21.42 billion, a P/E ratio of 15.27, a P/E/G ratio of 2.32 and a beta of 0.50. The company has a current ratio of 0.84, a quick ratio of 0.52 and a debt-to-equity ratio of 2.41.
Kellogg (NYSE:K) last announced its earnings results on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter last year, the firm posted $1.03 EPS. The business’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, analysts predict that Kellogg will post 4.31 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in K. Principal Financial Group Inc. boosted its holdings in shares of Kellogg by 4.2% during the 1st quarter. Principal Financial Group Inc. now owns 377,931 shares of the company’s stock valued at $24,570,000 after buying an additional 15,316 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Kellogg by 113.2% during the 1st quarter. Allianz Asset Management GmbH now owns 6,812 shares of the company’s stock valued at $443,000 after buying an additional 58,391 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in shares of Kellogg by 3.7% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 38,848 shares of the company’s stock valued at $2,714,000 after buying an additional 1,400 shares in the last quarter. Atria Investments LLC boosted its holdings in shares of Kellogg by 41.6% during the 2nd quarter. Atria Investments LLC now owns 4,737 shares of the company’s stock valued at $331,000 after buying an additional 1,391 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Kellogg during the 2nd quarter valued at $36,398,000. Hedge funds and other institutional investors own 86.92% of the company’s stock.
Several research analysts have recently issued reports on the stock. Buckingham Research cut their target price on shares of Kellogg from $77.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Citigroup cut their price target on shares of Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Credit Suisse Group cut their price target on shares of Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, November 14th. Deutsche Bank set a $66.00 price target on shares of Kellogg and gave the company a “hold” rating in a report on Wednesday, November 14th. Finally, BMO Capital Markets lifted their price target on shares of Kellogg to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 14th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $70.22.
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Kellogg Company Profile
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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