Kellogg’s (NYSE:K – Get Rating) largest shareholder, Kellogg WK Foundation Trust, sold 146,153 shares in a trade on Thursday, March 10. The shares were sold at an average price of $61.26, for a total transaction of $8,953,332.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders who own at least 10% of a company’s stock are required to disclose their transactions with the SEC.
NYSE K traded at $1.16 during Friday trading hours, hitting $59.85. The company’s shares had a trading volume of 2,894,216 shares, compared to its average volume of 2,673,329. Kellogg has a 12-month low of $59.40 and a 12-month high of 68 $.60. The company’s 50-day simple moving average is $64.81 and its two-hundred-day simple moving average is $63.67. The company has a market capitalization of $20.36 billion, a P/E ratio of 14.03, a price-to-earnings growth ratio of 3.88 and a beta of 0.57. The company has a debt ratio of 1.49, a current ratio of 0.64 and a quick ratio of 0.38.
Kellogg (NYSE:K – Get Rating) last announced its results on Thursday, February 10. The company reported earnings per share (EPS) of $0.83 for the quarter, beating the consensus estimate of $0.79 by $0.04. The company posted revenue of $3.42 billion for the quarter, versus $3.39 billion expected by analysts. Kellogg had a return on equity of 36.15% and a net margin of 10.49%. The company’s revenue for the quarter was down 1.2% year over year. During the same period last year, the company posted earnings per share of $0.86. As a group, research analysts predict Kellogg will post earnings per share of 4.09 for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 15. Shareholders of record on Tuesday, March 1 will receive a dividend of $0.58. The ex-dividend date is Monday, February 28. This represents an annualized dividend of $2.32 and a yield of 3.88%. Kellogg’s payout ratio is 53.58%.
A number of large investors have recently changed their positions in the company. Comprehensive Financial Consultants Institutional Inc. bought a new position in Kellogg in the fourth quarter worth about $40,000. Norges Bank bought a new position in Kellogg stock during Q4, valued at approximately $82,762,000. Rovin Capital UT ADV bought a new position in Kellogg stock during Q4 valued at around $582,000. JustInvest LLC increased its position in Kellogg shares by 45.4% during the 4th quarter. JustInvest LLC now owns 7,372 shares of the company valued at $475,000 after purchasing an additional 2,301 shares in the last quarter. Finally, BlackRock Inc. increased its position in Kellogg shares by 2.3% during the 4th quarter. BlackRock Inc. now owns 25,791,189 shares of the company valued at $1,661,467,000 after purchasing an additional 581,212 shares last quarter. 83.69% of the shares are currently held by institutional investors and hedge funds.
K has been the subject of several recent analyst reports. BMO Capital Markets downgraded Kellogg’s shares from an ‘outperforming’ rating to a ‘market performing’ rating and lowered its target price for the company from $75.00 to $70.00 in a Monday report January 31. Morgan Stanley raised its price target on Kellogg’s stock from $64.00 to $67.00 and gave the stock an “equal weight” rating in a Tuesday, Jan. 11 research report. 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 Friday, February 11. Bank of America downgraded Kellogg’s shares from a “buy” rating to a “neutral” rating and lowered its price target for the company from $76.00 to $70.00 in a Wednesday 5 research note. January. Finally, StockNews.com downgraded Kellogg’s shares from a “buy” rating to a “hold” rating in a Monday, Feb. 14 research rating. One analyst rated the stock with a sell rating, eight gave the company’s shares a hold rating and three assigned a buy rating. According to data from MarketBeat.com, Kellogg has an average rating of “Hold” and an average price target of $66.63.
Kellogg Company Profile (Get an assessment)
Kellogg Co is engaged in the manufacturing, marketing and distribution of ready-to-eat cereals and prepared foods. The company markets cookies, crackers, chips and other convenience foods under brands such as Kellogg’s, Cheez-It, Pringles and Austin in supermarkets in the United States. It operates in the following geographic segments: North America, Europe, Latin America and AMEA (Asia Middle East Africa).
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