Kellogg (NYSE:K) shares gapped down before the market opened on Thursday . The stock had previously closed at $63.38, but opened at $63.68. Kellogg shares last traded at $64.00, with a volume of 1263227 shares changing hands.

Several research analysts recently weighed in on K shares. Citigroup cut their price target on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Pivotal Research started coverage on shares of Kellogg in a report on Monday, February 5th. They set a “buy” rating and a $80.00 price target on the stock. Argus upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a report on Wednesday, November 22nd. Zacks Investment Research upgraded shares of Kellogg from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Friday, March 16th. Finally, Morgan Stanley boosted their price target on shares of Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a report on Friday, February 9th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $73.88.

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The firm has a market cap of $22,930.05, a PE ratio of 17.51, a P/E/G ratio of 2.04 and a beta of 0.48. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 3.52.

Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.10 billion. Kellogg had a net margin of 9.82% and a return on equity of 70.35%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 earnings per share. analysts forecast that Kellogg will post 4.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 15th. Shareholders of record on Monday, March 5th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend was Friday, March 2nd. Kellogg’s dividend payout ratio is 59.67%.

Kellogg announced that its Board of Directors has approved a stock repurchase program on Friday, December 15th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

In other news, insider Amit Banati sold 2,767 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $67.97, for a total value of $188,072.99. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total transaction of $12,155,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 623,763 shares of company stock worth $42,787,777. Insiders own 1.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Calton & Associates Inc. bought a new stake in shares of Kellogg in the fourth quarter valued at approximately $112,000. CLS Investments LLC bought a new stake in shares of Kellogg in the third quarter valued at approximately $124,000. Resources Investment Advisors Inc. raised its position in shares of Kellogg by 65.7% in the fourth quarter. Resources Investment Advisors Inc. now owns 1,859 shares of the company’s stock valued at $127,000 after purchasing an additional 737 shares during the period. SeaCrest Wealth Management LLC bought a new stake in shares of Kellogg in the fourth quarter valued at approximately $128,000. Finally, Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in shares of Kellogg in the fourth quarter valued at approximately $163,000. 91.85% of the stock is currently owned by institutional investors.

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About Kellogg

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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