Kellogg Company (NYSE:K) Upgraded by J P Morgan Chase & Co to “Overweight”
Kellogg Company (NYSE:K) was upgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a research note issued on Friday, MarketBeat reports.
Several other research analysts have also commented on K. UBS AG cut their price objective on Kellogg from $81.00 to $76.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Royal Bank Of Canada cut their price objective on Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a report on Tuesday, August 1st. Susquehanna Bancshares Inc reissued a “hold” rating on shares of Kellogg in a report on Thursday. BMO Capital Markets reissued a “hold” rating and set a $85.00 price objective on shares of Kellogg in a report on Friday. Finally, Zacks Investment Research raised Kellogg from a “sell” rating to a “hold” rating in a report on Monday, June 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $74.44.
Kellogg (NYSE K) traded down 1.05% on Friday, hitting $69.62. 2,864,661 shares of the stock were exchanged. The firm has a market cap of $24.39 billion, a PE ratio of 31.50 and a beta of 0.50. The company has a 50-day moving average price of $68.54 and a 200-day moving average price of $71.70. Kellogg has a 52-week low of $65.32 and a 52-week high of $84.28.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Kellogg’s revenue was down 2.5% on a year-over-year basis. On average, equities research analysts anticipate that Kellogg will post $3.93 EPS for the current fiscal year.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total value of $1,852,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John T. Dillon sold 4,900 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were 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. Insiders sold a total of 99,900 shares of company stock valued at $7,178,363 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Park National Corp OH bought a new stake in shares of Kellogg during the first quarter valued at $301,000. Chevy Chase Trust Holdings Inc. increased its stake in shares of Kellogg by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 221,646 shares of the company’s stock valued at $16,094,000 after buying an additional 6,828 shares during the last quarter. Rathbone Brothers plc increased its stake in shares of Kellogg by 9.2% in the first quarter. Rathbone Brothers plc now owns 20,825 shares of the company’s stock valued at $1,512,000 after buying an additional 1,750 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of Kellogg by 4.9% in the first quarter. Raymond James Trust N.A. now owns 7,941 shares of the company’s stock valued at $577,000 after buying an additional 371 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its stake in shares of Kellogg by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 81,217 shares of the company’s stock valued at $5,897,000 after buying an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 83.59% 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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