Short Interest in Kellogg (NYSE:K) Drops By 10.1%

Kellogg (NYSE:KGet Rating) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 13,390,000 shares, a decrease of 10.1% from the July 15th total of 14,900,000 shares. Based on an average daily volume of 2,940,000 shares, the short-interest ratio is currently 4.6 days. Currently, 4.0% of the shares of the stock are short sold.

Insider Buying and Selling at Kellogg

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction dated Friday, June 10th. The shares were sold at an average price of $69.26, for a total value of $10,122,556.78. Following the completion of the transaction, the insider now owns 57,462,603 shares of the company’s stock, valued at approximately $3,979,859,883.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold 876,918 shares of company stock valued at $62,188,102 in the last 90 days. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellogg

Institutional investors and hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Kellogg by 2.3% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 272,637 shares of the company’s stock worth $17,563,000 after acquiring an additional 6,100 shares during the last quarter. Great Lakes Advisors LLC acquired a new stake in Kellogg during the 1st quarter worth approximately $1,949,000. IFM Investors Pty Ltd lifted its holdings in Kellogg by 13.6% during the 1st quarter. IFM Investors Pty Ltd now owns 39,585 shares of the company’s stock worth $2,553,000 after buying an additional 4,751 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Kellogg during the 4th quarter worth approximately $420,000. Finally, Wetherby Asset Management Inc. lifted its holdings in Kellogg by 8.0% during the 4th quarter. Wetherby Asset Management Inc. now owns 4,398 shares of the company’s stock worth $283,000 after buying an additional 326 shares in the last quarter. 84.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on K shares. Citigroup lifted their price target on shares of Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a report on Wednesday, June 22nd. UBS Group lowered shares of Kellogg from a “buy” rating to a “neutral” rating and cut their price target for the stock from $81.00 to $74.00 in a report on Thursday, July 7th. Credit Suisse Group lifted their price objective on shares of Kellogg to $72.00 in a research note on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, June 22nd. Finally, Morgan Stanley lifted their price objective on shares of Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $71.20.

Kellogg Price Performance

NYSE K traded up $0.05 during trading hours on Wednesday, hitting $75.95. 53,375 shares of the company’s stock traded hands, compared to its average volume of 2,147,694. Kellogg has a 52-week low of $59.54 and a 52-week high of $76.50. The company has a market capitalization of $25.83 billion, a PE ratio of 17.53, a PEG ratio of 4.49 and a beta of 0.43. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.70 and a quick ratio of 0.43. The firm’s 50-day moving average is $71.90 and its 200-day moving average is $68.22.

Kellogg (NYSE:KGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the company earned $1.14 EPS. Kellogg’s revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Kellogg will post 4.12 EPS for the current fiscal year.

Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.11%. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Wednesday, August 31st. Kellogg’s payout ratio is presently 53.58%.

Kellogg Company Profile

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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