Kellogg Downgraded to Underperform at Merrill Lynch (K)
Kellogg (NYSE:K) was downgraded by equities research analysts at Merrill Lynch from a “buy” rating to an “underperform” rating in a research note issued to investors on Monday, American Banking & Market News reports.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust unloaded 69,500 shares of the company’s stock on the open market in a transaction dated Friday, October 18th. The stock was sold at an average price of $61.00, for a total transaction of $4,239,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
Kellogg (NYSE:K) traded down 0.65% on Monday, hitting $61.05. 1,639,188 shares of the company’s stock traded hands. Kellogg has a 1-year low of $51.36 and a 1-year high of $67.98. The stock’s 50-day moving average is $60.15 and its 200-day moving average is $63.45. The company has a market cap of $22.127 billion and a price-to-earnings ratio of 23.54.
Kellogg (NYSE:K) last announced its earnings results on Thursday, August 1st. The company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same quarter in the previous year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts predict that Kellogg will post $3.77 earnings per share for the current fiscal year.
A number of other firms have also recently commented on K. Analysts at Bank of America Corp. downgraded shares of Kellogg from a “buy” rating to an “underperform” rating in a research note to investors on Monday. They now have a $62.00 price target on the stock, down previously from $69.00. Separately, analysts at Deutsche Bank reiterated a “buy” rating on shares of Kellogg in a research note to investors on Wednesday, October 2nd. They now have a $68.00 price target on the stock, down previously from $73.00. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Kellogg in a research note to investors on Wednesday, September 25th. They now have a $63.00 price target on the stock. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $62.60.
Kellogg Company (NYSE:K) is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods.
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