Kellogg Sees Unusually High Options Volume (NYSE:K)

Kellogg (NYSE:KGet Rating) saw unusually large options trading activity on Thursday. Stock investors purchased 20,158 call options on the stock. This represents an increase of approximately 418% compared to the average daily volume of 3,890 call options.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on K. Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $66.00 to $62.00 in a research report on Tuesday, May 3rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating on the stock in a research report on Wednesday, June 22nd. Credit Suisse Group increased their target price on Kellogg from $62.00 to $69.00 in a research note on Monday, May 9th. UBS Group lowered Kellogg from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. Finally, Morgan Stanley upped their price objective on Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Thursday, July 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Kellogg has an average rating of “Hold” and a consensus price target of $70.90.

Kellogg Stock Up 1.7 %

Shares of NYSE:K opened at $75.04 on Friday. The stock has a fifty day simple moving average of $70.98 and a two-hundred day simple moving average of $67.74. The company has a current ratio of 0.65, a quick ratio of 0.39 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $25.35 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 4.77 and a beta of 0.43. Kellogg has a 12-month low of $59.54 and a 12-month high of $76.45.

Kellogg (NYSE:KGet Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.13. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.64 billion. Kellogg had a net margin of 10.81% and a return on equity of 34.82%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.14 earnings per share. On average, research analysts anticipate that Kellogg will post 4.09 earnings per share for the current fiscal year.

Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a $0.59 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.36 annualized dividend and a yield of 3.14%. This is a boost from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s dividend payout ratio (DPR) is currently 51.67%.

Insider Transactions at Kellogg

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $66.92, for a total transaction of $9,780,558.76. Following the transaction, the insider now owns 57,608,756 shares of the company’s stock, valued at approximately $3,855,177,951.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 876,918 shares of company stock worth $62,011,256 in the last quarter. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellogg

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allworth Financial LP grew its position in Kellogg by 108.9% during the first quarter. Allworth Financial LP now owns 397 shares of the company’s stock valued at $26,000 after buying an additional 207 shares during the period. Investment Research & Advisory Group Inc. bought a new stake in shares of Kellogg during the 2nd quarter valued at $26,000. First Horizon Advisors Inc. increased its stake in shares of Kellogg by 115.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 416 shares of the company’s stock worth $28,000 after purchasing an additional 223 shares in the last quarter. Glassman Wealth Services raised its holdings in Kellogg by 137.3% in the 2nd quarter. Glassman Wealth Services now owns 394 shares of the company’s stock worth $28,000 after purchasing an additional 228 shares during the period. Finally, AHL Investment Management Inc. purchased a new position in Kellogg during the fourth quarter valued at $29,000. 84.34% of the stock is owned by institutional investors.

About Kellogg

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

Further Reading

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