Kellogg Company (NYSE:K) had its price target lowered by equities researchers at Buckingham Research from $79.00 to $74.00 in a research note issued to investors on Wednesday, November 1st. The firm presently has a “buy” rating on the stock. Buckingham Research’s price objective would suggest a potential upside of 16.06% from the stock’s previous close.
K has been the topic of a number of other reports. Royal Bank Of Canada set a $81.00 price target on Kellogg and gave the company a “hold” rating in a report on Wednesday, October 18th. Piper Jaffray Companies lowered Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price target on the stock. in a report on Tuesday, September 19th. Credit Suisse Group AG lowered their price target on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Morgan Stanley reissued an “equal weight” rating and set a $69.00 price target (down from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $78.00 target price on shares of Kellogg in a research note on Wednesday, September 6th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $71.00.
Shares of Kellogg (K) traded down $0.94 during mid-day trading on Wednesday, reaching $63.76. 3,419,100 shares of the company traded hands, compared to its average volume of 2,498,299. Kellogg has a 12-month low of $58.76 and a 12-month high of $76.69. The firm has a market cap of $22,500.00, a P/E ratio of 16.17, a price-to-earnings-growth ratio of 2.61 and a beta of 0.49. 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 posted its earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.11. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. sell-side analysts predict that Kellogg will post 4.04 EPS for the current year.
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In related news, Director Donald R. Knauss sold 6,846 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at $312,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven A. Cahillane bought 15,930 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was acquired at an average cost of $62.70 per share, with a total value of $998,811.00. Following the completion of the purchase, the chief executive officer now owns 15,930 shares of the company’s stock, valued at approximately $998,811. The disclosure for this purchase can be found here. Insiders have sold a total of 223,438 shares of company stock worth $14,077,678 in the last three months. 1.30% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Washington Trust Bank raised its stake in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after buying an additional 15 shares during the period. CLS Investments LLC acquired a new stake in Kellogg during the third quarter worth approximately $124,000. Exane Derivatives grew 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 buying an additional 448 shares in the last quarter. CWM LLC boosted its holdings in shares of Kellogg by 5.3% in the 2nd quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after purchasing an additional 117 shares in the last quarter. Finally, Alpha Windward LLC boosted its holdings in shares of Kellogg by 0.4% in the 2nd quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock valued at $179,000 after purchasing an additional 11 shares in the last quarter. 86.61% of the stock is owned by institutional investors.
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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