Susquehanna Bancshares Inc Reaffirms Hold Rating for Kellogg Company (K)
Several other research analysts have also issued reports on K. BidaskClub lowered Kellogg from a sell rating to a strong sell rating in a report on Friday, June 23rd. Zacks Investment Research lowered Kellogg from a hold rating to a sell rating in a report on Tuesday, May 9th. Sanford C. Bernstein set a $62.00 price target on Kellogg and gave the stock a sell rating in a report on Tuesday, June 27th. Morgan Stanley reiterated an equal weight rating and issued a $69.00 price target (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Finally, TheStreet upgraded Kellogg from a c+ rating to a b+ rating in a report on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Kellogg presently has a consensus rating of Hold and a consensus target price of $74.67.
Shares of Kellogg (NYSE:K) opened at 69.62 on Thursday. Kellogg has a 1-year low of $65.32 and a 1-year high of $84.28. The firm has a 50-day moving average price of $68.54 and a 200 day moving average price of $71.70. The company has a market cap of $24.39 billion, a PE ratio of 31.50 and a beta of 0.50.
Kellogg (NYSE:K) last released its earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis. On average, equities analysts anticipate that Kellogg will post $3.93 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is currently 94.12%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total value of $352,163.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of K. Washington Trust Bank raised its stake in shares of Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after buying an additional 15 shares during the period. Exane Derivatives raised its stake in shares of Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock worth $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC acquired a new stake in shares of Kellogg during the first quarter worth approximately $143,000. Security National Trust Co. raised its stake in shares of Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock worth $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock worth $161,000 after buying an additional 31 shares during the period. Institutional investors and hedge funds own 83.53% 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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