Several other equities analysts also recently weighed in on the stock. BidaskClub downgraded shares of Kellogg from a sell rating to a strong sell rating in a report on Friday, June 23rd. Zacks Investment Research downgraded shares of Kellogg from a hold rating to a sell rating in a report on Tuesday, May 9th. Morgan Stanley reissued an equal weight rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Sanford C. Bernstein set a $62.00 target price on shares of Kellogg and gave the stock a sell rating in a report on Tuesday, June 27th. Finally, Susquehanna Bancshares Inc reissued a neutral rating and issued a $80.00 target price (down previously from $82.00) on shares of Kellogg in a report on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. Kellogg presently has an average rating of Hold and a consensus price target of $74.50.
Kellogg (NYSE K) traded down 0.21% during mid-day trading on Monday, reaching $69.95. 1,975,934 shares of the company’s stock traded hands. The stock has a 50 day moving average of $67.92 and a 200 day moving average of $71.45. Kellogg has a 12-month low of $65.32 and a 12-month high of $83.65. The company has a market cap of $24.14 billion, a P/E ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities research analysts predict that Kellogg will post $3.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.54 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.09%. Kellogg’s dividend payout ratio is presently 94.12%.
In related news, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total transaction of $352,163.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Washington Trust Bank boosted its position in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the period. Exane Derivatives boosted its position in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC purchased a new position in Kellogg during the first quarter worth $143,000. Security National Trust Co. boosted its position in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted its position in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 83.05% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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