Kellogg (K) Price Target Cut to $62.00

Kellogg (NYSE:K) had its target price cut by BMO Capital Markets to $62.00 in a research report report published on Friday morning, The Fly reports. They currently have a market perform rating on the stock.

K has been the topic of several other research reports. Credit Suisse Group decreased their target price on Kellogg from $75.00 to $70.00 and set a neutral rating on the stock in a research report on Thursday, November 1st. ValuEngine cut Kellogg from a buy rating to a hold rating in a research note on Thursday, November 1st. Citigroup lowered their target price on Kellogg from $87.00 to $79.00 and set a buy rating for the company in a research note on Thursday, November 1st. Piper Jaffray Companies set a $69.00 price target on Kellogg and gave the stock a buy rating in a report on Friday. Finally, Zacks Investment Research raised Kellogg from a sell rating to a hold rating in a report on Wednesday, January 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $64.92.

Shares of Kellogg stock opened at $55.67 on Friday. The firm has a market capitalization of $19.21 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 2.21 and a beta of 0.58. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.40 and a current ratio of 0.70. Kellogg has a 52 week low of $54.14 and a 52 week high of $74.98.

Kellogg (NYSE:K) last issued its earnings results on Thursday, February 7th. The company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.03. The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a return on equity of 47.10% and a net margin of 9.86%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 EPS. On average, equities analysts expect that Kellogg will post 4.06 EPS for the current fiscal year.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was sold at an average price of $62.24, for a total transaction of $11,203,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Steven A. Cahillane bought 17,825 shares of the company’s stock in a transaction on Monday, November 19th. The shares were acquired at an average price of $61.63 per share, for a total transaction of $1,098,554.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 680,000 shares of company stock valued at $40,102,200. 1.40% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in K. BlackRock Inc. increased its position in Kellogg by 9.0% during the 4th quarter. BlackRock Inc. now owns 26,334,804 shares of the company’s stock worth $1,501,346,000 after purchasing an additional 2,171,811 shares during the period. Ceredex Value Advisors LLC grew its holdings in shares of Kellogg by 327.2% in the 4th quarter. Ceredex Value Advisors LLC now owns 2,077,844 shares of the company’s stock worth $118,457,000 after acquiring an additional 1,591,469 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Kellogg by 5,672.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,568,573 shares of the company’s stock worth $28,000 after acquiring an additional 1,541,399 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Kellogg by 25.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after acquiring an additional 1,076,748 shares during the period. Finally, Morgan Stanley grew its holdings in shares of Kellogg by 70.2% in the 3rd quarter. Morgan Stanley now owns 1,730,012 shares of the company’s stock worth $121,137,000 after acquiring an additional 713,311 shares during the period. Institutional investors own 87.01% of the company’s stock.

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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