Stock Traders Purchase Large Volume of Kellogg Put Options (K)

Kellogg Company (NYSE:K) was the target of unusually large options trading on Tuesday. Stock traders acquired 8,131 put options on the stock. This represents an increase of approximately 600% compared to the typical volume of 1,162 put options.

A number of institutional investors have recently bought and sold shares of the business. Washington Trust Bank increased its position in shares of Kellogg by 0.8% during the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after purchasing an additional 15 shares in the last quarter. Pathstone Family Office LLC acquired a new position in shares of Kellogg during the first quarter worth $143,000. Exane Derivatives increased its position in shares of Kellogg by 24.2% during the second quarter. Exane Derivatives now owns 2,300 shares of the company’s stock worth $160,000 after purchasing an additional 448 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Kellogg by 1.4% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after purchasing an additional 31 shares in the last quarter. Finally, CWM LLC increased its position in shares of Kellogg by 5.3% during the second quarter. CWM LLC now owns 2,343 shares of the company’s stock worth $163,000 after purchasing an additional 117 shares in the last quarter. Institutional investors own 85.40% of the company’s stock.

Kellogg (K) opened at 62.37 on Friday. The company’s 50-day moving average price is $68.36 and its 200-day moving average price is $70.41. The company has a market cap of $21.53 billion, a price-to-earnings ratio of 28.23 and a beta of 0.49. Kellogg has a 52-week low of $62.11 and a 52-week high of $78.37.

Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. Kellogg’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 earnings per share. Equities research analysts expect that Kellogg will post $3.97 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.46%. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is currently 97.74%.

Several equities research analysts have weighed in on the company. Piper Jaffray Companies cut Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective for the company. in a report on Tuesday, September 19th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 price objective on shares of Kellogg in a report on Wednesday, September 6th. Deutsche Bank AG reiterated a “hold” rating and issued a $74.00 price objective (up previously from $71.00) on shares of Kellogg in a report on Wednesday, August 9th. Royal Bank Of Canada increased their price objective on Kellogg from $79.00 to $81.00 and gave the stock a “sector perform” rating in a report on Monday, August 7th. Finally, Zacks Investment Research cut Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. Kellogg presently has an average rating of “Hold” and an average price target of $74.50.

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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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