Insider Selling: Kellogg W. K. Foundation Trust Sells 100,000 Shares of Kellogg Company Stock (K)
Kellogg Company (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg Company stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of $67.01, for a total value of $6,701,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Kellogg Company (NYSE:K) traded up 1.70% on Monday, hitting $68.35. 2,375,425 shares of the company’s stock traded hands. Kellogg Company has a 1-year low of $55.69 and a 1-year high of $67.98. The stock has a 50-day moving average of $64.9 and a 200-day moving average of $61.95. The company has a market cap of $24.541 billion and a price-to-earnings ratio of 12.89. Kellogg Company also was the recipient of a significant decrease in short interest in the month of April. As of April 30th, there was short interest totalling 7,037,762 shares, a decrease of 30.2% from the April 15th total of 10,076,329 shares. Based on an average daily volume of 1,978,745 shares, the days-to-cover ratio is currently 3.6 days. Approximately 2.0% of the company’s shares are sold short.
Kellogg Company (NYSE:K) last released its earnings data on Thursday, May 1st. The company reported $1.01 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.98 by $0.03. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter last year, the company posted $0.99 earnings per share. Kellogg Company’s revenue was down 3.1% compared to the same quarter last year. Analysts expect that Kellogg Company will post $4.00 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Thursday, May 29th.
K has been the subject of a number of recent research reports. Analysts at Credit Suisse reiterated an “underperform” rating on shares of Kellogg Company in a research note on Friday, May 2nd. They now have a $60.00 price target on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Kellogg Company in a research note on Friday, May 2nd. They now have a $69.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Kellogg Company from $57.00 to $62.00 in a research note on Monday, April 28th. They now have a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Kellogg Company presently has an average rating of “Hold” and an average price target of $62.31.
Kellogg Company (NYSE:K) is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods.
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