Kellogg (NYSE:K- Get a rating) major shareholder Kellogg WK Foundation Trust sold 100,000 shares of Kellogg in a transaction dated Tuesday, September 20. The stock was sold at an average price of $71.12, for a total transaction of $7,112,000.00. Following the completion of the sale, the insider now owns 56,531,838 shares of the company, valued at approximately $4,020,544,318.56. The sale was disclosed in a legal filing with the SEC, accessible via this link. Major shareholders who own 10% or more of a company’s stock are required to disclose their sales and purchases to the SEC.
Kellogg Price Performance
Kellogg shares traded at $1.84 at midday Wednesday, hitting $73.31. 119,929 shares of the company were traded, against an average volume of 2,122,493. The stock has a market capitalization of $24.93 billion, a price-earnings ratio of 16.99, a PEG ratio of 4, 23 and a beta of 0.43. The company has a debt ratio of 1.28, a quick ratio of 0.43 and a current ratio of 0.70. The company’s fifty-day moving average price is $73.42 and its 200-day moving average price is $69.84. Kellogg has a 12-month low of $59.54 and a 12-month high of $76.99.
Kellogg (NYSE:K- Get a rating) last reported results on Thursday, August 4. The company reported earnings per share of $1.18 for the quarter, beating analyst consensus estimates of $1.05 by $0.13. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The company posted revenue of $3.86 billion for the quarter, versus analyst estimates of $3.64 billion. During the same period a year earlier, the company posted EPS of $1.14. The company’s revenue for the quarter increased by 8.7% compared to the same quarter last year. As a group, sell-side analysts expect Kellogg to post earnings per share of 4.12 for the current year.
Kellogg increases its dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15. Shareholders of record on Thursday, September 1 received a dividend of $0.59 per share. This represents a dividend of $2.36 on an annualized basis and a yield of 3.22%. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. The ex-dividend date was Wednesday, August 31. Kellogg’s payout ratio is currently 54.50%.
Institutional investors weigh in on Kellogg
A number of institutional investors have recently increased or reduced their stake in K. Coston McIsaac & Partners acquired a new position in Kellogg during the second quarter worth $31,000. Inscription Capital LLC acquired a new position in Kellogg during the second quarter worth $610,000. Federated Hermes Inc. increased its stake in Kellogg by 127.5% during the second quarter. Federated Hermes Inc. now owns 3,456 shares of the company worth $247,000 after purchasing an additional 1,937 shares in the last quarter. Columbia Asset Management acquired a new position in Kellogg during the second quarter worth $373,000. Finally, Redhawk Wealth Advisors Inc. increased its stake in Kellogg by 55.0% during the second quarter. Redhawk Wealth Advisors Inc. now owns 12,347 shares of the company worth $881,000 after buying 4,382 additional shares in the last quarter. 84.51% of the shares are held by institutional investors.
A Wall Street analyst gives his opinion
K has been the subject of several analyst reports. UBS Group moved Kellogg’s shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $81.00 to $74.00 in a research note from the Thursday, July 7. Citigroup raised its price target on Kellogg shares from $83.00 to $87.00 and gave the stock a “buy” rating in a Wednesday, June 22 research note. JPMorgan Chase & Co. restated an “underweight” rating and issued a target price of $67.00 (vs. $64.00) on Kellogg’s stock in a Wednesday, June 22 research report. Credit Suisse Group raised its price target on Kellogg shares to $72.00 in a Tuesday, Aug. 9 research report. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Kellogg shares from $74.00 to $72.00 and set a “holding” rating for the company in a Wednesday, June 22 research report. Two research analysts gave the stock a sell rating, seven gave the company a hold rating and two gave the company a buy rating. According to data from MarketBeat.com, Kellogg has a consensus rating of “Hold” and an average target price of $71.20.
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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