Morgan Stanley Cuts Kellogg Company (K) Price Target to $66.00
A number of other research firms have also recently commented on K. BidaskClub cut Kellogg from a sell rating to a strong sell rating in a research report on Friday, June 23rd. Piper Jaffray Companies cut Kellogg from an overweight rating to a neutral rating and set a $78.00 price objective for the company. in a research report on Tuesday, September 19th. BMO Capital Markets restated a hold rating and issued a $78.00 price objective on shares of Kellogg in a research report on Wednesday, September 6th. Sanford C. Bernstein set a $62.00 price objective on Kellogg and gave the company a sell rating in a research report on Tuesday, June 27th. Finally, UBS AG restated a neutral rating and issued a $72.00 price objective (down from $76.00) on shares of Kellogg in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $73.45.
Kellogg (NYSE:K) opened at 61.96 on Friday. The firm has a 50-day moving average price of $64.83 and a 200 day moving average price of $68.95. Kellogg has a 1-year low of $61.03 and a 1-year high of $78.37. The company has a market capitalization of $21.38 billion, a P/E ratio of 28.05 and a beta of 0.48.
Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.05. The company had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. Kellogg’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. On average, equities analysts predict that Kellogg will post $3.98 EPS for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Alpha Windward LLC increased its position in shares of Kellogg by 0.4% during the second quarter. Alpha Windward LLC now owns 2,575 shares of the company’s stock worth $179,000 after purchasing an additional 11 shares in the last quarter. Washington Trust Bank increased its position in shares of Kellogg by 0.8% during the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock worth $124,000 after purchasing an additional 15 shares in the last quarter. FTB Advisors Inc. increased its position in shares of Kellogg by 0.5% during the second quarter. FTB Advisors Inc. now owns 3,648 shares of the company’s stock worth $251,000 after purchasing an additional 17 shares in the last quarter. Guyasuta Investment Advisors Inc. increased its position in shares of Kellogg by 0.5% during the second quarter. Guyasuta Investment Advisors Inc. now owns 7,498 shares of the company’s stock worth $521,000 after purchasing an additional 40 shares in the last quarter. Finally, Cleararc Capital Inc. increased its position in shares of Kellogg by 0.7% during the first quarter. Cleararc Capital Inc. now owns 6,193 shares of the company’s stock worth $450,000 after purchasing an additional 44 shares in the last quarter. Hedge funds and other institutional investors own 85.39% 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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