Kellogg Company (NYSE:K) Price Target Cut to $74.00

Kellogg Company (NYSE:K) had its target price decreased by equities researchers at Buckingham Research from $79.00 to $74.00 in a research report issued on Wednesday, November 1st. The firm currently has a “buy” rating on the stock. Buckingham Research’s price target indicates a potential upside of 12.87% from the stock’s previous close.

Several other equities research analysts have also commented on K. Royal Bank Of Canada set a $81.00 price objective on Kellogg and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Piper Jaffray Companies lowered 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. Credit Suisse Group lowered their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Morgan Stanley restated an “equal weight” rating and issued a $69.00 price objective (down previously from $74.00) on shares of Kellogg in a research report on Tuesday, July 18th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $71.00.

Kellogg (NYSE:K) opened at $65.56 on Wednesday. Kellogg has a fifty-two week low of $58.76 and a fifty-two week high of $76.69. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71. The stock has a market cap of $22,580.09, a PE ratio of 16.34, a PEG ratio of 2.64 and a beta of 0.49.

Kellogg (NYSE:K) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.11. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter in the prior year, the company earned $0.96 EPS. Kellogg’s quarterly revenue was up .6% on a year-over-year basis. sell-side analysts forecast that Kellogg will post 4.04 EPS for the current year.

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In other Kellogg news, CEO Steven A. Cahillane bought 15,930 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was purchased at an average price of $62.70 per share, for a total transaction of $998,811.00. Following the completion of the purchase, the chief executive officer now directly owns 15,930 shares in the company, valued at $998,811. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donald R. Knauss sold 6,846 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $312,850. The disclosure for this sale can be found here. Insiders have sold a total of 223,438 shares of company stock valued at $14,077,678 over the last three months. Corporate insiders own 1.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Washington Trust Bank boosted its position in 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. CLS Investments LLC purchased a new stake in Kellogg during the third quarter worth $124,000. Exane Derivatives boosted its position in 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. CWM LLC boosted its position in 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. Finally, Alpha Windward LLC boosted its position in Kellogg by 0.4% during the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock worth $179,000 after purchasing an additional 11 shares in the last quarter. 86.85% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Kellogg (NYSE:K)

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