Kellogg (NYSE:K) Trading Up 0.2% Following Strong Earnings

Shares of Kellogg (NYSE:K) were up 0.2% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $65.59 and last traded at $63.76, approximately 112,431 shares traded hands during mid-day trading. A decline of 96% from the average daily volume of 2,530,316 shares. The stock had previously closed at $63.63.

The company reported $0.99 EPS for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.08. The business had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Kellogg had a net margin of 8.59% and a return on equity of 43.13%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be issued a $0.57 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.59%. This is a positive change from Kellogg’s previous quarterly dividend of $0.56. Kellogg’s dividend payout ratio is currently 51.73%.

A number of equities research analysts recently issued reports on K shares. GMP Securities reissued a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Piper Jaffray Companies dropped their price objective on shares of Kellogg from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Friday, April 5th. ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday. Canaccord Genuity reissued an “average” rating on shares of Kellogg in a report on Tuesday, June 25th. Finally, Guggenheim upped their price objective on shares of Kellogg from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $62.75.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $54.84, for a total transaction of $5,484,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 600,000 shares of company stock valued at $33,544,000. 0.09% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of K. Coastal Investment Advisors Inc. boosted its stake in shares of Kellogg by 117.4% in the second quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock valued at $30,000 after purchasing an additional 304 shares during the period. Penserra Capital Management LLC purchased a new position in shares of Kellogg in the first quarter valued at approximately $40,000. AGF Investments LLC boosted its stake in shares of Kellogg by 39.4% in the second quarter. AGF Investments LLC now owns 828 shares of the company’s stock valued at $44,000 after purchasing an additional 234 shares during the period. Acima Private Wealth LLC boosted its stake in shares of Kellogg by 90.6% in the first quarter. Acima Private Wealth LLC now owns 852 shares of the company’s stock valued at $49,000 after purchasing an additional 405 shares during the period. Finally, Farmers National Bank purchased a new position in shares of Kellogg in the first quarter valued at approximately $78,000. 87.33% of the stock is owned by institutional investors and hedge funds.

The business’s fifty day moving average is $56.08. The stock has a market capitalization of $19.94 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 3.37 and a beta of 0.63. The company has a debt-to-equity ratio of 2.75, a quick ratio of 0.41 and a current ratio of 0.68.

Kellogg Company Profile (NYSE:K)

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

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