Kellogg (NYSE:K) has earned a consensus recommendation of “Hold” from the nineteen ratings firms that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $72.88.
K has been the subject of a number of recent research reports. Credit Suisse Group lifted their price target on shares of Kellogg from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, August 9th. Wells Fargo & Co reissued a “hold” rating and set a $67.00 price target (up from $62.00) on shares of Kellogg in a research report on Sunday, August 5th. Buckingham Research lifted their price target on shares of Kellogg from $76.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, July 20th. Morgan Stanley initiated coverage on shares of Kellogg in a research report on Monday. They set an “equal weight” rating and a $75.00 price target for the company. Finally, ValuEngine raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Tuesday, June 26th.
Shares of K traded down $0.13 during trading hours on Wednesday, reaching $74.71. 44,934 shares of the company traded hands, compared to its average volume of 1,353,256. The firm has a market capitalization of $25.81 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 2.17 and a beta of 0.46. The company has a current ratio of 0.82, a quick ratio of 0.50 and a debt-to-equity ratio of 2.57. Kellogg has a 12 month low of $56.40 and a 12 month high of $74.90.
Kellogg (NYSE:K) last announced its earnings results on Thursday, August 2nd. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The firm had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. research analysts forecast that Kellogg will post 4.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Tuesday, September 4th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, August 31st. This is an increase from Kellogg’s previous quarterly dividend of $0.54. Kellogg’s payout ratio is 55.45%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the company’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total transaction of $16,041,150.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the company’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders sold 741,655 shares of company stock worth $53,371,974 in the last three months. Insiders own 1.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. grew its holdings in shares of Kellogg by 81.1% in the second quarter. Brown Advisory Inc. now owns 163,119 shares of the company’s stock worth $11,398,000 after purchasing an additional 73,044 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Kellogg by 3.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,598,119 shares of the company’s stock worth $111,661,000 after purchasing an additional 53,340 shares during the last quarter. Xact Kapitalforvaltning AB grew its holdings in shares of Kellogg by 3.7% in the second quarter. Xact Kapitalforvaltning AB now owns 38,848 shares of the company’s stock worth $2,714,000 after purchasing an additional 1,400 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Kellogg by 76.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,000 shares of the company’s stock worth $197,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Toth Financial Advisory Corp grew its holdings in shares of Kellogg by 4.5% in the second quarter. Toth Financial Advisory Corp now owns 27,745 shares of the company’s stock worth $1,939,000 after purchasing an additional 1,186 shares during the last quarter. 88.94% of the stock is currently owned by 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. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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