Diamond Foods Jumps On Report That Kellogg Wants To Buy It

Kellogg Company (NYSE:K) traded down 0.43% on Monday, hitting $71.70. The higher estimate for the short term price target is at $72 while the lower estimate is at $62. This represents a $2.00 annualized dividend and a dividend yield of 2.78%. Kellogg Company’s quarterly revenue was down 5.5% on a year-over-year basis. According to the informationby the brokerage house, Societe Generale upgrades its outlook on Kellogg Company (NYSE:K).

The company has around 1,700 employees and posted net profit of $33 million a year ago on revenues of $864 million.

Kellogg shares were little changed in early trading. Following the completion of the transaction, the director now directly owns 4,985 shares in the company, valued at approximately $330,007. 1,979,451 shares of the stock traded hands. The company’s 50-day moving average price is $67.85 and its 200 day moving average price is $65.43. During last six month period, the net percent change held by insiders has seen a change of -0.52%. Kellogg Company (NYSE:K): The stock price is expected to reach $ 66.57 in the short term.

Corn Flakes maker Kellogg Co is in late-stage talks to buy snack foods company Diamond Foods Inc for more than US$1.5 billion (S$2.08 billion), the New York Post reported, citing sources. The stock was sold at an average price of $70.02, for a total value of $8,368,230.24. The standard deviation of the price stands at $3.91. The Firm’s primary products are ready-to-eat cereals and convenience foods, including toaster pastries, crackers, savory snacks, cookies, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. As of February 26, 2013, these products were manufactured by the Company in 18 countries and marketed in more than 180 countries. The Company also markets cookies, crackers, chips and other convenience foods, under brands, such as Kellogg’s, Keebler, Cheez-It, Murray, Austin and Famous Amos, to supermarkets in America by way of a direct shop-door (NYSE:K) delivery system, although other supply systems are also used. One bright spot for Kellogg has been Pringles, the potato chip brand it bought from Proctor & Gamble Co.in 2012.

Kellogg has been trying to expand its snack foods business through acquisitions and increase its global presence as sales of cereals decline in the United States.