Kellogg (NYSE:K) had its price target lifted by Morgan Stanley from $56.00 to $65.00 in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. They currently have an equal weight rating on the stock.
Several other analysts have also recently commented on the stock. Consumer Edge cut shares of Kellogg from an equal weight rating to an underweight rating and set a $49.00 target price for the company. in a research report on Monday, June 24th. Zacks Investment Research cut shares of Kellogg from a hold rating to a sell rating and set a $67.00 target price for the company. in a research report on Friday. GMP Securities reiterated a buy rating on shares of Kellogg in a research report on Thursday, July 11th. Piper Jaffray Companies dropped their target price on shares of Kellogg from $69.00 to $64.00 and set an overweight rating for the company in a research report on Friday, April 5th. Finally, Guggenheim upped their target price on shares of Kellogg from $55.00 to $65.00 and gave the company a neutral rating in a research report on Friday. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $63.31.
Shares of Kellogg stock traded down $1.25 on Friday, hitting $62.15. 109,281 shares of the company’s stock traded hands, compared to its average volume of 3,039,841. The firm has a 50-day moving average price of $56.21. The company has a market cap of $21.40 billion, a PE ratio of 14.35, a PEG ratio of 3.65 and a beta of 0.61. Kellogg has a one year low of $51.34 and a one year high of $74.98. The company has a quick ratio of 0.41, a current ratio of 0.70 and a debt-to-equity ratio of 2.67.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 1st. The company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.91 by $0.08. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.41 billion. Kellogg had a net margin of 6.28% and a return on equity of 41.91%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 EPS. Research analysts expect that Kellogg will post 3.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Tuesday, September 3rd will be given a $0.57 dividend. The ex-dividend date is Friday, August 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.67%. This is a boost from Kellogg’s previous quarterly dividend of $0.56. Kellogg’s dividend payout ratio is currently 51.73%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $56.58, for a total value of $5,658,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 600,000 shares of company stock valued at $33,544,000. 0.09% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Beutel Goodman & Co Ltd. boosted its stake in Kellogg by 13.5% in the 1st quarter. Beutel Goodman & Co Ltd. now owns 3,894,578 shares of the company’s stock worth $167,224,000 after purchasing an additional 462,398 shares during the period. Geode Capital Management LLC boosted its stake in shares of Kellogg by 11.6% during the 4th quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock worth $200,178,000 after buying an additional 364,719 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Kellogg by 1.3% during the 1st quarter. Northern Trust Corp now owns 3,460,612 shares of the company’s stock worth $198,570,000 after buying an additional 45,977 shares during the last quarter. Ceredex Value Advisors LLC boosted its stake in shares of Kellogg by 37.1% during the 1st quarter. Ceredex Value Advisors LLC now owns 2,849,219 shares of the company’s stock worth $163,488,000 after buying an additional 771,375 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of Kellogg by 19.8% during the 1st quarter. California Public Employees Retirement System now owns 1,699,173 shares of the company’s stock worth $97,499,000 after buying an additional 280,644 shares during the last quarter. 87.34% of the stock is 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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