Kellogg Company (K) Cut to “Underperform” at Sanford C. Bernstein
Kellogg Company (NYSE:K) was downgraded by equities researchers at Sanford C. Bernstein from a “market perform” rating to an “underperform” rating in a research report issued to clients and investors on Tuesday.
A number of other equities research analysts also recently commented on K. TheStreet downgraded Kellogg Company from a “b” rating to a “c+” rating in a research report on Thursday, February 9th. Royal Bank of Canada lifted their price objective on Kellogg Company from $84.00 to $87.00 and gave the company a “sector perform” rating in a research report on Friday, February 10th. Zacks Investment Research raised Kellogg Company from a “sell” rating to a “hold” rating in a research report on Thursday, January 5th. Credit Suisse Group AG downgraded Kellogg Company from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $84.00 to $77.00 in a research report on Wednesday, December 7th. Finally, Deutsche Bank AG assumed coverage on Kellogg Company in a research report on Wednesday, February 15th. They issued a “hold” rating and a $79.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $82.30.
Kellogg Company (NYSE:K) traded down 1.31% during trading on Tuesday, reaching $74.00. The company had a trading volume of 708,554 shares. The firm’s 50 day moving average is $74.22 and its 200-day moving average is $74.70. Kellogg Company has a 12 month low of $70.74 and a 12 month high of $87.16. The company has a market capitalization of $25.98 billion, a P/E ratio of 37.76 and a beta of 0.53.
Kellogg Company (NYSE:K) last announced its quarterly earnings data on Thursday, February 9th. The company reported $0.92 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.07. The business earned $3.10 billion during the quarter, compared to the consensus estimate of $3.08 billion. Kellogg Company had a return on equity of 66.33% and a net margin of 5.33%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, equities analysts expect that Kellogg Company will post $3.94 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, February 27th. Kellogg Company’s dividend payout ratio is presently 106.67%.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in K. Meeder Asset Management Inc. acquired a new position in Kellogg Company during the third quarter valued at approximately $267,000. Bank of Montreal Can boosted its position in Kellogg Company by 7.4% in the third quarter. Bank of Montreal Can now owns 526,526 shares of the company’s stock valued at $40,791,000 after buying an additional 36,377 shares during the period. Somerset Trust Co boosted its position in Kellogg Company by 3.5% in the third quarter. Somerset Trust Co now owns 15,210 shares of the company’s stock valued at $1,178,000 after buying an additional 513 shares during the period. Lodestar Investment Counsel LLC IL boosted its position in Kellogg Company by 1.0% in the third quarter. Lodestar Investment Counsel LLC IL now owns 7,720 shares of the company’s stock valued at $598,000 after buying an additional 80 shares during the period. Finally, National Pension Service boosted its position in Kellogg Company by 8.7% in the third quarter. National Pension Service now owns 195,913 shares of the company’s stock valued at $15,177,000 after buying an additional 15,706 shares during the period. Institutional investors and hedge funds own 81.55% of the company’s stock.
Kellogg Company Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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