Kellogg (NYSE:K) Shares Gap Down to $66.83

Posted by Defense World Staff on Jun 9th, 2023

Kellogg (NYSE:K – Get Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $66.83, but opened at $65.44. Kellogg shares last traded at $65.31, with a volume of 612,348 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on K shares. Morgan Stanley decreased their target price on shares of Kellogg from $74.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 11th. TheStreet upgraded shares of Kellogg from a “c+” rating to a “b-” rating in a research note on Thursday, May 4th. UBS Group increased their price objective on shares of Kellogg from $73.00 to $74.00 in a report on Friday, May 5th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Kellogg from $60.00 to $71.00 in a report on Friday, May 5th. Finally, Barclays increased their price objective on shares of Kellogg from $72.00 to $74.00 in a report on Monday, May 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $72.27.

Kellogg Price Performance

The firm’s 50-day moving average is $68.47 and its two-hundred day moving average is $68.84. The company has a market cap of $22.82 billion, a P/E ratio of 27.51, a PEG ratio of 3.85 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.72 and a quick ratio of 0.42.

Kellogg (NYSE:K – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.95 billion. Kellogg had a net margin of 5.33% and a return on equity of 32.09%. Kellogg’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 earnings per share. Analysts anticipate that Kellogg will post 4.11 earnings per share for the current year.

Kellogg Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Wednesday, May 31st. Kellogg’s payout ratio is 97.52%.

Insiders Place Their Bets

In other Kellogg news, SVP Kris Bahner sold 3,483 shares of Kellogg stock in a transaction on Monday, May 8th. The shares were sold at an average price of $71.01, for a total transaction of $247,327.83. Following the completion of the transaction, the senior vice president now directly owns 18,013 shares of the company’s stock, valued at $1,279,103.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, March 20th. The stock was sold at an average price of $65.22, for a total transaction of $6,522,000.00. Following the completion of the sale, the insider now directly owns 55,331,838 shares in the company, valued at $3,608,742,474.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kris Bahner sold 3,483 shares of Kellogg stock in a transaction on Monday, May 8th. The stock was sold at an average price of $71.01, for a total value of $247,327.83. Following the sale, the senior vice president now owns 18,013 shares of the company’s stock, valued at $1,279,103.13. The disclosure for this sale can be found here. Insiders sold 503,483 shares of company stock valued at $34,157,328 over the last three months. 1.40% of the stock is owned by company insiders.

Institutional Trading of Kellogg

Several institutional investors and hedge funds have recently made changes to their positions in K. Ronald Blue Trust Inc. raised its holdings in shares of Kellogg by 120.0% in the first quarter. Ronald Blue Trust Inc. now owns 385 shares of the company’s stock valued at $27,000 after acquiring an additional 210 shares in the last quarter. Heritage Wealth Management LLC bought a new position in Kellogg in the fourth quarter worth about $28,000. Parkside Financial Bank & Trust raised its holdings in Kellogg by 48.0% in the first quarter. Parkside Financial Bank & Trust now owns 453 shares of the company’s stock worth $30,000 after purchasing an additional 147 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Kellogg by 402.2% in the first quarter. EverSource Wealth Advisors LLC now owns 462 shares of the company’s stock worth $31,000 after purchasing an additional 370 shares in the last quarter. Finally, Exos TFP Holdings LLC bought a new position in Kellogg in the third quarter worth about $32,000. 82.59% of the stock is currently owned by institutional investors.

Kellogg Company Profile

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Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. It operates through the following segments: North America, Europe, Latin America, and Asia Middle East Africa. The North America segment includes the U.S. businesses and Canada. The Europe segment consists of European countries.