Investors bought shares of Kellogg (NYSE:K) on weakness during trading on Tuesday. $74.31 million flowed into the stock on the tick-up and $27.23 million flowed out of the stock on the tick-down, for a money net flow of $47.08 million into the stock. Of all stocks tracked, Kellogg had the 6th highest net in-flow for the day. Kellogg traded down ($0.11) for the day and closed at $66.32
A number of research firms have weighed in on K. Piper Jaffray Companies reiterated a “neutral” rating and set a $77.00 price target (up previously from $72.00) on shares of Kellogg in a research note on Thursday, February 15th. Bank of America lifted their price target on shares of Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research note on Friday, February 9th. Barclays reiterated a “sell” rating and set a $69.00 price target on shares of Kellogg in a research note on Sunday, February 11th. DZ Bank downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Friday, December 8th. Finally, Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research note on Monday. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Kellogg presently has an average rating of “Hold” and a consensus target price of $73.88.
The firm has a market capitalization of $22,968.09, a price-to-earnings ratio of 17.59, a PEG ratio of 2.04 and a beta of 0.48. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.41 and a current ratio of 0.68.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, February 8th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.96. The company had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.10 billion. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The business’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business earned $0.92 earnings per share. equities research analysts anticipate that Kellogg will post 4.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Monday, March 5th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, March 2nd. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.39%. Kellogg’s payout ratio is presently 59.67%.
Kellogg declared that its Board of Directors has initiated a share buyback plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, insider Paul T. Norman sold 167,497 shares of Kellogg stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $68.86, for a total value of $11,533,843.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 50,254 shares of Kellogg stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $68.35, for a total value of $3,434,860.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 623,763 shares of company stock valued at $42,787,777. Company insiders own 1.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Kellogg by 62.6% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 43,588 shares of the company’s stock valued at $2,963,000 after buying an additional 16,778 shares during the last quarter. Elkfork Partners LLC bought a new position in shares of Kellogg in the fourth quarter valued at about $1,091,000. Xact Kapitalforvaltning AB raised its holdings in shares of Kellogg by 34.3% in the fourth quarter. Xact Kapitalforvaltning AB now owns 30,863 shares of the company’s stock valued at $2,098,000 after buying an additional 7,889 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Kellogg by 11.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 202,112 shares of the company’s stock valued at $13,740,000 after buying an additional 21,005 shares during the last quarter. Finally, OLD Republic International Corp raised its holdings in shares of Kellogg by 57.1% in the fourth quarter. OLD Republic International Corp now owns 556,000 shares of the company’s stock valued at $37,797,000 after buying an additional 202,000 shares during the last quarter. 91.85% of the stock is owned by institutional investors and hedge funds.
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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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