Kellogg Rating Reiterated by Zacks (K)
Kellogg (NYSE:K)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Friday, Stock Ratings News reports. They currently have a $61.00 price target on the stock. Zacks‘ target price suggests a potential upside of 5.65% from the stock’s previous close.
Zacks‘ analyst wrote, “Kellogg’s fourth-quarter 2013 adjusted earnings of $0.83 per share beat the Zacks Consensus Estimate by a penny and increased 18.8% as the softer top-line performance was offset by overhead cost savings and lower taxes. Revenues fell 1.7% once again due to lower volumes in the U.S. snacks and cereals businesses. However, Kellogg has strong fundamentals with its solid brand positioning, geographic diversity and significant investments behind innovation, marketing and supply-chain initiatives. We are also encouraged by the growth potential, diversification and international presence that the Pringles deal provides. However, the strained cereal and snacks categories keep us on the sidelines. Though the new cost savings plan, Project K, will free up funds for brand building, innovation and overall growth, it would easily take a couple of years before it delivers substantial results.”
Shares of Kellogg (NYSE:K) traded up 1.25% on Friday, hitting $58.46. The stock had a trading volume of 2,160,801 shares. Kellogg has a one year low of $55.69 and a one year high of $67.98. The stock has a 50-day moving average of $59. and a 200-day moving average of $61.57. The company has a market cap of $21.174 billion and a price-to-earnings ratio of 22.08.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.83 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.82 by $0.01. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $3.52 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. Analysts expect that Kellogg will post $4.04 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group cut their price target on shares of Kellogg from $63.00 to $62.00 in a research note to investors on Friday. Separately, analysts at Goldman Sachs Group Inc. upgraded shares of Kellogg from an “underperform” rating to a “neutral” rating in a research note to investors on Friday. They now have a $55.00 price target on the stock, down previously from $58.00. Finally, analysts at JPMorgan Chase & Co. upgraded shares of Kellogg from an “underweight” rating to a “neutral” rating in a research note to investors on Friday. They now have a $55.00 price target on the stock, down previously from $58.00. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $61.53.
Kellogg Company (NYSE:K) is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods.
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