Kellogg (NYSE:K) Major Shareholder Sells $6,694,000.00 in Stock

Kellogg (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $66.94, for a total value of $6,694,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Kellogg W. K. Foundation Trust also recently made the following trade(s):

  • On Monday, June 22nd, Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock. The shares were sold at an average price of $66.72, for a total value of $6,672,000.00.
  • On Monday, April 20th, Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock. The shares were sold at an average price of $65.89, for a total value of $6,589,000.00.
  • On Monday, April 13th, Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock. The shares were sold at an average price of $62.14, for a total value of $6,214,000.00.

Shares of K opened at $67.19 on Monday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 0.55 and a current ratio of 0.77. The stock has a 50 day simple moving average of $65.30 and a 200 day simple moving average of $65.19. Kellogg has a 52-week low of $52.66 and a 52-week high of $71.05. The firm has a market capitalization of $23.02 billion, a PE ratio of 22.47, a P/E/G ratio of 4.61 and a beta of 0.57.

Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.04. Kellogg had a return on equity of 41.25% and a net margin of 7.61%. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period in the previous year, the firm earned $1.01 EPS. Kellogg’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts predict that Kellogg will post 3.8 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.57 dividend. The ex-dividend date of this dividend was Friday, May 29th. This represents a $2.28 annualized dividend and a dividend yield of 3.39%. Kellogg’s dividend payout ratio is presently 57.87%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. raised its stake in shares of Kellogg by 2.0% during the 4th quarter. Victory Capital Management Inc. now owns 169,576 shares of the company’s stock worth $11,728,000 after purchasing an additional 3,354 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Kellogg by 0.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 130,604 shares of the company’s stock worth $9,032,000 after purchasing an additional 1,033 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Kellogg by 30.5% during the 4th quarter. ProShare Advisors LLC now owns 38,537 shares of the company’s stock worth $2,665,000 after purchasing an additional 9,012 shares in the last quarter. Raymond James & Associates raised its stake in shares of Kellogg by 2.2% during the 4th quarter. Raymond James & Associates now owns 160,456 shares of the company’s stock worth $11,097,000 after purchasing an additional 3,480 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Kellogg by 3.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 60,201 shares of the company’s stock worth $4,164,000 after purchasing an additional 1,956 shares in the last quarter. Institutional investors and hedge funds own 84.46% of the company’s stock.

K has been the subject of a number of research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $71.00 price target on shares of Kellogg in a report on Monday, May 4th. Credit Suisse Group assumed coverage on Kellogg in a report on Tuesday, June 2nd. They issued a “buy” rating and a $76.00 price target for the company. Royal Bank of Canada reissued a “hold” rating and set a $68.00 price objective on shares of Kellogg in a report on Monday, March 23rd. JPMorgan Chase & Co. boosted their price objective on Kellogg from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Finally, ValuEngine cut Kellogg from a “hold” rating to a “sell” rating in a report on Thursday, June 4th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $68.88.

About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

Further Reading: What is Cost of Goods Sold (COGS)?

Insider Buying and Selling by Quarter for Kellogg (NYSE:K)

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