Kellogg (NYSE:K) Upgraded to B- by TheStreet

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TheStreet upgraded shares of Kellogg (NYSE:K) from a c+ rating to a b- rating in a report released on Monday morning, TheStreetRatingsTable reports.

Several other equities research analysts have also weighed in on the company. Canaccord Genuity reiterated an average rating on shares of Kellogg in a research note on Tuesday, June 25th. Guggenheim upped their price objective on Kellogg from $55.00 to $65.00 and gave the company a neutral rating in a research note on Friday, August 2nd. GMP Securities reiterated a buy rating on shares of Kellogg in a research note on Thursday, July 11th. Consumer Edge lowered Kellogg from an equal weight rating to an underweight rating and set a $49.00 price objective on the stock. in a research note on Monday, June 24th. Finally, Barclays set a $62.00 target price on Kellogg and gave the stock a sell rating in a report on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. Kellogg presently has an average rating of Hold and a consensus price target of $63.47.

K stock opened at $63.52 on Monday. Kellogg has a 1-year low of $51.34 and a 1-year high of $74.98. The firm has a market cap of $20.96 billion, a P/E ratio of 14.67, a P/E/G ratio of 3.52 and a beta of 0.61. The business’s 50 day moving average is $57.93 and its 200-day moving average is $56.89. The company has a current ratio of 0.70, a quick ratio of 0.46 and a debt-to-equity ratio of 2.67.

Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.08. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The company had revenue of $3.52 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the prior year, the company posted $1.14 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts forecast that Kellogg will post 3.89 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.57 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.56. This represents a $2.28 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Friday, August 30th. Kellogg’s payout ratio is presently 51.73%.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $54.84, for a total transaction of $5,484,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 600,000 shares of company stock worth $33,914,000. Company insiders own 0.09% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Nuveen Asset Management LLC acquired a new position in shares of Kellogg in the 2nd quarter valued at $54,543,000. Ceredex Value Advisors LLC lifted its stake in shares of Kellogg by 37.1% in the 1st quarter. Ceredex Value Advisors LLC now owns 2,849,219 shares of the company’s stock valued at $163,488,000 after purchasing an additional 771,375 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Kellogg by 12.7% in the 2nd quarter. Renaissance Technologies LLC now owns 5,523,983 shares of the company’s stock valued at $295,920,000 after purchasing an additional 623,700 shares during the period. AustralianSuper Pty Ltd lifted its stake in shares of Kellogg by 275.8% in the 2nd quarter. AustralianSuper Pty Ltd now owns 815,645 shares of the company’s stock valued at $43,694,000 after purchasing an additional 598,580 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Kellogg by 31.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,978,156 shares of the company’s stock valued at $105,970,000 after purchasing an additional 472,686 shares during the period. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Kellogg Company Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Analyst Recommendations for Kellogg (NYSE:K)

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