Kellogg Company (K) Receives Consensus Rating of “Hold” from Analysts
Shares of Kellogg Company (NYSE:K) have received a consensus rating of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $74.11.
Several equities analysts have recently commented on K shares. Credit Suisse Group lowered their price target on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Monday, May 15th. Piper Jaffray Companies started coverage on shares of Kellogg in a report on Wednesday, May 24th. They set an “overweight” rating and a $78.00 price target on the stock. Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a report on Monday, May 29th. Susquehanna Bancshares Inc set a $78.00 price objective on shares of Kellogg and gave the company a “hold” rating in a research note on Wednesday, June 14th. Finally, BidaskClub lowered shares of Kellogg from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Kellogg by 2,851.0% during 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 during the last quarter. Capital Research Global Investors grew its stake in Kellogg by 54.7% during the second quarter. Capital Research Global Investors now owns 24,031,728 shares of the company’s stock worth $1,669,244,000 after buying an additional 8,495,714 shares during the last quarter. Lazard Asset Management LLC grew its stake in Kellogg by 94.3% during the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock worth $545,047,000 after buying an additional 3,807,425 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Kellogg by 891.0% during the first quarter. Ameriprise Financial Inc. now owns 2,401,808 shares of the company’s stock worth $174,393,000 after buying an additional 2,159,450 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Kellogg by 73.4% during the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock worth $229,273,000 after buying an additional 1,336,400 shares during the last quarter. 85.42% of the stock is currently owned by institutional investors and hedge funds.
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Kellogg (NYSE:K) traded down 0.13% during midday trading on Friday, hitting $67.75. The stock had a trading volume of 2,490,438 shares. The stock has a market cap of $23.38 billion, a PE ratio of 30.67 and a beta of 0.49. Kellogg has a one year low of $65.06 and a one year high of $80.72. The firm has a 50 day moving average price of $68.17 and a 200 day moving average price of $70.84.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the company posted $0.91 EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that Kellogg will post $3.98 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.54 per share. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a yield of 3.19%. Kellogg’s payout ratio is currently 97.74%.
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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