Kellogg’s (NYSE:K) Equal Weight Rating Reaffirmed at Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Kellogg Company (NYSE:K) in a report published on Tuesday. Morgan Stanley currently has a $69.00 price target on the stock, down from their previous price target of $74.00.
Several other research analysts also recently weighed in on the stock. Sanford C. Bernstein downgraded shares of Kellogg from a market perform rating to an underperform rating in a research note on Tuesday, March 21st. Zacks Investment Research downgraded shares of Kellogg from a hold rating to a sell rating in a research note on Tuesday, May 9th. BidaskClub downgraded shares of Kellogg from a sell rating to a strong sell rating in a research note on Friday, June 23rd. Susquehanna Bancshares Inc restated a neutral rating and issued a $80.00 target price (down from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Finally, TheStreet upgraded shares of Kellogg from a c+ rating to a b+ rating in a research note on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Kellogg has an average rating of Hold and a consensus target price of $77.82.
Shares of Kellogg (NYSE K) traded up 0.17% during trading on Tuesday, reaching $66.37. 178,991 shares of the company’s stock traded hands. The company has a market capitalization of $23.25 billion, a price-to-earnings ratio of 30.03 and a beta of 0.50. Kellogg has a 1-year low of $65.32 and a 1-year high of $87.00. The stock has a 50-day moving average of $70.06 and a 200-day moving average of $72.07.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, May 4th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.05. Kellogg had a net margin of 6.07% and a return on equity of 67.99%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.28 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. Kellogg’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities analysts predict that Kellogg will post $3.92 EPS for the current fiscal year.
In related news, Director James M. Jenness sold 70,000 shares of the stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $71.06, for a total value of $4,974,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. Insiders have sold 99,900 shares of company stock worth $7,178,363 over the last three months. 1.30% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in K. BlackRock Inc. raised its position in shares of Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock worth $1,464,385,000 after buying an additional 19,484,390 shares in the last quarter. Ameriprise Financial Inc. raised its position in Kellogg by 891.0% in the first quarter. Ameriprise Financial Inc. now owns 2,401,808 shares of the company’s stock valued at $174,393,000 after buying an additional 2,159,450 shares during the period. Renaissance Technologies LLC raised its position in Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock valued at $229,273,000 after buying an additional 1,336,400 shares during the period. Vanguard Group Inc. raised its position in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the period. Finally, Schroder Investment Management Group raised its position in Kellogg by 254.0% in the first quarter. Schroder Investment Management Group now owns 862,266 shares of the company’s stock valued at $62,549,000 after buying an additional 618,694 shares during the period. Hedge funds and other institutional investors own 83.30% of the company’s stock.
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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