Traders purchased shares of Kellogg (NYSE:K) on weakness during trading hours on Friday. $234.76 million flowed into the stock on the tick-up and $66.84 million flowed out of the stock on the tick-down, for a money net flow of $167.92 million into the stock. Of all stocks tracked, Kellogg had the 20th highest net in-flow for the day. Kellogg traded down ($0.55) for the day and closed at $66.44
Several research firms have issued reports on K. Zacks Investment Research upgraded Kellogg from a “hold” rating to a “buy” rating and set a $77.00 target price on the stock in a research report on Friday. Piper Jaffray Companies upgraded Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 target price on the stock in a research report on Wednesday, February 28th. Barclays restated a “sell” rating and set a $69.00 target price on shares of Kellogg in a research report on Sunday, February 11th. Morgan Stanley increased their target price on Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Friday, February 9th. Finally, Bank of America increased their target price on Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research report on Friday, February 9th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Kellogg currently has an average rating of “Hold” and an average price target of $73.88.
The stock has a market cap of $23,161.71, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.06 and a beta of 0.48. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 3.52.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.92 earnings per share. research analysts expect that Kellogg will post 4.45 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Monday, March 5th were paid a $0.54 dividend. The ex-dividend date was Friday, March 2nd. This represents a $2.16 dividend on an annualized basis and a yield of 3.25%. Kellogg’s dividend payout ratio is presently 59.67%.
Kellogg declared that its board has approved a share buyback plan on Friday, December 15th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In other Kellogg news, insider Paul T. Norman sold 167,497 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $68.86, for a total transaction of $11,533,843.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction dated Thursday, March 8th. The shares were sold at an average price of $69.47, for a total transaction of $14,241,350.00. The disclosure for this sale can be found here. In the last three months, insiders sold 623,763 shares of company stock worth $42,787,777. 1.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Calton & Associates Inc. purchased a new stake in shares of Kellogg during the fourth quarter worth about $112,000. CLS Investments LLC purchased a new stake in shares of Kellogg during the third quarter worth about $124,000. Resources Investment Advisors Inc. boosted its holdings in shares of Kellogg by 65.7% during the fourth quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock worth $127,000 after purchasing an additional 737 shares during the period. SeaCrest Wealth Management LLC purchased a new stake in shares of Kellogg during the fourth quarter worth about $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas purchased a new stake in shares of Kellogg during the fourth quarter worth about $163,000. Institutional investors and hedge funds own 91.89% of the company’s stock.
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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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