Kellogg’s (NYSE:K – Get Rating) major shareholder, Kellogg WK Foundation Trust, sold 146,153 shares of the company in a trade that took place on Wednesday, April 20. The stock was sold at an average price of $68.40, for a total transaction of $9,996,865.20. Following the completion of the transaction, the insider now directly owns 57,901,062 shares of the company, valued at $3,960,432,640.80. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. Large shareholders who own at least 10% of a company’s stock are required to disclose their sales and purchases to the SEC.
K traded $0.67 during Wednesday trading, hitting $68.97. The stock recorded a trading volume of 179,192 shares, compared to an average volume of 2,443,229 shares. The company has a 50-day moving average of $64.29 and a 200-day moving average of $63.80. Kellogg has a one-year low of $59.54 and a one-year high of $68.60. The company has a debt ratio of 1.49, a quick ratio of 0.38 and a current ratio of 0.64. The stock has a market capitalization of $23.46 billion, a PE ratio of 15.92, a PEG ratio of 4.41 and a beta of 0.56.
Kellogg (NYSE:K – Get Rating) last released its results on Thursday, February 10. The company reported earnings per share (EPS) of $0.83 for the quarter, beating Thomson Reuters consensus estimate of $0.79 by $0.04. The company posted revenue of $3.42 billion in the quarter, versus analyst estimates of $3.39 billion. Kellogg had a return on equity of 36.15% and a net margin of 10.49%. Kellogg’s revenue for the quarter was down 1.2% year over year. In the same quarter of the previous year, the company had earned earnings per share of $0.86. Equity research analysts expect Kellogg to post EPS of 4.06 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 15. Investors of record on Tuesday, March 1 received a dividend of $0.58. This represents a dividend of $2.32 on an annualized basis and a yield of 3.36%. The ex-dividend date was Monday, February 28. Kellogg’s payout ratio is currently 53.58%.
K has been the subject of several analyst reports. Morgan Stanley cut its price target on Kellogg from $67.00 to $65.00 and set an “equal weight” rating for the company in a Wednesday, April 13 report. Bank of America downgraded Kellogg’s shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $76.00 to $70.00 in a Wednesday, January 5 report . BMO Capital Markets cut Kellogg’s shares from an “outperforming” rating to a “market performing” rating and lowered its price target for the company from $75.00 to $70.00 in a rating of research from Monday, January 31. UBS Group began covering Kellogg’s shares in a research note on Wednesday, March 30. They issued a “buy” rating and a target price of $73.00 on the stock. Finally, JPMorgan Chase & Co. downgraded Kellogg’s shares from a “neutral” rating to an “underweight” rating and lowered its price target for the stock from $64.00 to $57.00 in a report from Friday, February 11. One research analyst gave the stock a sell rating, eight gave the company a hold rating and four gave the company a buy rating. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $67.11.
Institutional investors have recently bought and sold shares of the company. CVA Family Office LLC purchased a new position in Kellogg stock during the fourth quarter worth approximately $26,000. Heritage Wealth Advisors purchased a new stake in Kellogg during Q4 worth approximately $26,000. Bell Investment Advisors Inc bought a new position in Kellogg during Q3 worth approximately $29,000. AHL Investment Management Inc. bought a new position in Kellogg stock in the fourth quarter worth about $29,000. Finally, SouthState Corp bought a new position in Kellogg’s stock in the third quarter worth $30,000. 83.69% of the shares are held by institutional investors and hedge funds.
Kellogg Company Profile (Get a rating)
Kellogg Company, together with its subsidiaries, manufactures and markets snacks and ready meals. The Company operates through four segments: North America, Europe, Latin America and Asia Middle East Africa. Its main products include crackers, chips, salty snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, vegetarian foods and noodles.
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