Kellogg (K) Major Shareholder Sells $16,041,150.00 in Stock

Kellogg (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total transaction of $16,041,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

  • On Thursday, August 9th, Kellogg W. K. Foundation Trust sold 150,000 shares of Kellogg stock. The shares were sold at an average price of $71.20, for a total transaction of $10,680,000.00.
  • On Friday, July 13th, Kellogg W. K. Foundation Trust sold 150,000 shares of Kellogg stock. The shares were sold at an average price of $71.06, for a total transaction of $10,659,000.00.
  • On Wednesday, June 27th, Kellogg W. K. Foundation Trust sold 160,000 shares of Kellogg stock. The shares were sold at an average price of $69.85, for a total transaction of $11,176,000.00.

Shares of Kellogg stock traded up $0.88 during trading on Monday, hitting $70.26. 1,894,500 shares of the stock were exchanged, compared to its average volume of 2,564,829. The firm has a market capitalization of $24.27 billion, a PE ratio of 17.39, a P/E/G ratio of 2.03 and a beta of 0.49. Kellogg has a 1-year low of $56.40 and a 1-year high of $74.98. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.82 and a quick ratio of 0.50.

Kellogg (NYSE:K) last announced its earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The business had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.31 billion. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. Kellogg’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, analysts expect that Kellogg will post 4.52 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, September 17th. Investors of record on Tuesday, September 4th were issued a dividend of $0.56 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 31st. This represents a $2.24 annualized dividend and a dividend yield of 3.19%. Kellogg’s payout ratio is presently 55.45%.

Several brokerages have issued reports on K. Morgan Stanley began coverage on shares of Kellogg in a research note on Monday, September 17th. They issued an “equal weight” rating and a $75.00 price target on the stock. Wells Fargo & Co reiterated a “hold” rating and issued a $67.00 price target (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Credit Suisse Group lifted their price target on shares of Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, August 9th. Buckingham Research lifted their price target on shares of Kellogg from $79.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 3rd. Finally, ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. Kellogg presently has a consensus rating of “Hold” and a consensus price target of $72.76.

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in Kellogg by 1.9% in the 1st quarter. BlackRock Inc. now owns 25,146,776 shares of the company’s stock valued at $1,634,794,000 after purchasing an additional 457,888 shares during the period. Bank of New York Mellon Corp boosted its holdings in Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock valued at $372,017,000 after purchasing an additional 1,076,748 shares during the period. Beutel Goodman & Co Ltd. boosted its holdings in Kellogg by 14.2% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 3,492,041 shares of the company’s stock valued at $185,626,000 after purchasing an additional 434,170 shares during the period. Millennium Management LLC boosted its holdings in Kellogg by 61.8% in the 2nd quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock valued at $168,958,000 after purchasing an additional 923,365 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Kellogg by 3.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock valued at $111,661,000 after purchasing an additional 53,340 shares during the period. 88.95% of the stock is owned by institutional investors and hedge funds.

Kellogg Company Profile

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

Read More: Compound Annual Growth Rate (CAGR)

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

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