Kellogg Company (NYSE:K) Sees Significant Increase in Short Interest
Kellogg Company (NYSE:K) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 18,416,983 shares, a growth of 18.1% from the July 14th total of 15,599,673 shares. Approximately 5.3% of the shares of the company are short sold. Based on an average daily trading volume, of 2,116,814 shares, the days-to-cover ratio is currently 8.7 days.
K has been the topic of several analyst reports. Sanford C. Bernstein set a $62.00 target price on shares of Kellogg and gave the stock a “sell” rating in a report on Tuesday, June 27th. Royal Bank Of Canada upped their target price on shares of Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Monday, August 7th. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. Credit Suisse Group lowered their target price on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, May 5th. Finally, Susquehanna Bancshares Inc reaffirmed a “neutral” rating and issued a $80.00 target price (down previously from $82.00) on shares of Kellogg in a report on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $74.50.
Kellogg (NYSE:K) opened at 69.86 on Tuesday. Kellogg has a 12 month low of $65.32 and a 12 month high of $83.65. The company’s 50-day moving average is $67.88 and its 200 day moving average is $71.51. The firm has a market cap of $24.11 billion, a P/E ratio of 31.63 and a beta of 0.50.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the business posted $0.91 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. Equities research analysts expect that Kellogg will post $3.98 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invictus RG acquired a new position in Kellogg during the first quarter worth about $458,000. Beutel Goodman & Co Ltd. boosted its position in Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after buying an additional 616,120 shares in the last quarter. Vanguard Group Inc. boosted its position in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after buying an additional 1,248,613 shares in the last quarter. Cambridge Trust Co. boosted its position in Kellogg by 25.3% in the first quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock worth $719,000 after buying an additional 2,000 shares in the last quarter. Finally, Somerset Trust Co boosted its position in Kellogg by 2.9% in the second quarter. Somerset Trust Co now owns 16,037 shares of the company’s stock worth $1,114,000 after buying an additional 447 shares in the last quarter. Hedge funds and other institutional investors own 83.05% of the company’s stock.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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