Kellogg (NYSE:K) declared that its Board of Directors has approved a stock buyback program, which allows the company to repurchase $1.50 billion in outstanding shares on Friday, December 15th, EventVestor reports. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Shares of Kellogg (K) traded down $0.06 during trading hours on Monday, reaching $64.99. The company’s stock had a trading volume of 7,038,500 shares, compared to its average volume of 2,565,149. Kellogg has a 52-week low of $58.76 and a 52-week high of $76.69. The company has a market capitalization of $22,430.00, a PE ratio of 16.25, a price-to-earnings-growth ratio of 2.63 and a beta of 0.52. The company has a quick ratio of 0.43, a current ratio of 0.68 and a debt-to-equity ratio of 3.71.

Kellogg (NYSE:K) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the business posted $0.96 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. equities research analysts forecast that Kellogg will post 4.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Thursday, November 30th. Kellogg’s dividend payout ratio (DPR) is 96.43%.

A number of analysts have recently issued reports on the company. Piper Jaffray Companies cut Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Tuesday, September 19th. DZ Bank cut Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, December 8th. BMO Capital Markets restated a “hold” rating and set a $78.00 price objective on shares of Kellogg in a research report on Wednesday, September 6th. Argus upgraded Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a research report on Wednesday, November 22nd. Finally, UBS lowered their price objective on Kellogg from $72.00 to $67.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $71.15.

In other Kellogg news, Director Donald R. Knauss sold 6,846 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $312,850. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $65.11, for a total value of $2,898,371.65. Following the completion of the transaction, the insider now directly owns 67,887,323 shares in the company, valued at approximately $4,420,143,600.53. The disclosure for this sale can be found here. Insiders sold 349,754 shares of company stock worth $22,304,119 over the last quarter. Company insiders own 1.30% of the company’s stock.

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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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