Shares of Kellogg (NYSE:K – Get Rating) have been given an average recommendation of “Hold” by the eleven ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $72.20.
Several research firms have issued reports on K. UBS Group downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. Credit Suisse Group increased their price target on Kellogg to $72.00 in a report on Tuesday, August 9th. Morgan Stanley boosted their price objective on Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 14th. StockNews.com started coverage on Kellogg in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Finally, Piper Sandler lowered their price objective on shares of Kellogg to $72.00 in a research report on Wednesday, October 5th.
Insider Buying and Selling
In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $75.81, for a total transaction of $11,079,858.93. Following the sale, the insider now directly owns 56,731,838 shares in the company, valued at approximately $4,300,840,638.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $75.81, for a total value of $11,079,858.93. Following the completion of the transaction, the insider now owns 56,731,838 shares in the company, valued at approximately $4,300,840,638.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Amit Banati sold 34,007 shares of Kellogg stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $75.06, for a total value of $2,552,565.42. Following the sale, the chief financial officer now directly owns 59,732 shares in the company, valued at approximately $4,483,483.92. The disclosure for this sale can be found here. Insiders have sold a total of 903,893 shares of company stock worth $66,530,146 over the last quarter. 1.40% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Investment Research & Advisory Group Inc. bought a new stake in Kellogg during the second quarter worth approximately $26,000. AdvisorNet Financial Inc boosted its holdings in shares of Kellogg by 379.2% in the third quarter. AdvisorNet Financial Inc now owns 369 shares of the company’s stock worth $26,000 after buying an additional 292 shares during the period. Glassman Wealth Services increased its position in shares of Kellogg by 137.3% in the second quarter. Glassman Wealth Services now owns 394 shares of the company’s stock worth $28,000 after acquiring an additional 228 shares in the last quarter. Allworth Financial LP increased its position in shares of Kellogg by 108.9% in the first quarter. Allworth Financial LP now owns 397 shares of the company’s stock worth $26,000 after acquiring an additional 207 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in shares of Kellogg by 115.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 416 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares in the last quarter. Institutional investors and hedge funds own 84.51% of the company’s stock.
Kellogg Trading Down 2.5 %
Shares of K opened at $71.76 on Friday. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.99. The stock has a fifty day moving average of $72.88 and a two-hundred day moving average of $71.29. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.43 and a current ratio of 0.70. The company has a market capitalization of $24.41 billion, a PE ratio of 16.57, a price-to-earnings-growth ratio of 4.36 and a beta of 0.43.
Kellogg (NYSE:K – Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.18 EPS for the quarter, beating analysts’ 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 had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the prior year, the company posted $1.14 EPS. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, analysts forecast that Kellogg will post 4.13 EPS for the current year.
Kellogg Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.59 dividend. The ex-dividend date of this dividend was Wednesday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 3.29%. Kellogg’s payout ratio is 54.50%.
About Kellogg
Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.