Insider Buying: Kellogg Company (K) CEO Acquires 15,930 Shares of Stock

Kellogg Company (NYSE:K) CEO Steven A. Cahillane purchased 15,930 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was purchased at an average price of $62.70 per share, with a total value of $998,811.00. Following the completion of the purchase, the chief executive officer now directly owns 15,930 shares of the company’s stock, valued at approximately $998,811. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Shares of Kellogg Company (NYSE:K) opened at $61.96 on Monday. Kellogg Company has a twelve month low of $58.76 and a twelve month high of $78.37. The company has a market capitalization of $21,405.48, a P/E ratio of 15.49, a P/E/G ratio of 2.50 and a beta of 0.49. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71.

Kellogg (NYSE:K) last announced its earnings results on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.11. Kellogg had a return on equity of 73.92% and a net margin of 6.15%. The firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter in the previous year, the company earned $0.96 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. analysts expect that Kellogg Company will post 4.04 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $2.16 annualized dividend and a yield of 3.49%. Kellogg’s payout ratio is 96.43%.

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A number of equities analysts recently commented on K shares. Royal Bank Of Canada set a $81.00 price target on Kellogg and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Piper Jaffray Companies downgraded Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price target for the company. in a research note on Tuesday, September 19th. Morgan Stanley restated an “equal weight” rating and issued a $69.00 target price (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. BMO Capital Markets restated a “hold” rating and issued a $78.00 target price on shares of Kellogg in a research note on Wednesday, September 6th. Finally, Credit Suisse Group decreased their target price on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $71.00.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC increased its holdings in shares of Kellogg by 94.3% in the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after buying an additional 3,807,425 shares in the last quarter. CIBC World Markets Inc. increased its holdings in shares of Kellogg by 29.1% in the second quarter. CIBC World Markets Inc. now owns 33,225 shares of the company’s stock valued at $2,308,000 after buying an additional 7,487 shares in the last quarter. Cim Investment Mangement Inc. bought a new position in shares of Kellogg in the second quarter valued at $563,000. Pacer Advisors Inc. increased its holdings in shares of Kellogg by 157.0% in the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after buying an additional 8,353 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new position in shares of Kellogg in the second quarter valued at $268,000. 85.15% of the stock is currently owned by institutional investors.

Kellogg Company Profile

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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