Morgan Stanley Cuts Kellogg Company (K) Price Target to $66.00
Kellogg Company (NYSE:K) had its price target cut by research analysts at Morgan Stanley from $70.00 to $66.00 in a research note issued on Friday. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential upside of 5.79% from the company’s current price.
A number of other brokerages have also recently commented on K. Sanford C. Bernstein set a $62.00 target price on shares of Kellogg and gave the company a “sell” rating in a research report on Tuesday, June 27th. BidaskClub cut shares of Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Zacks Investment Research cut shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. J P Morgan Chase & Co upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and increased their target price for the company from $76.00 to $78.00 in a research report on Friday, August 4th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $85.00 target price on shares of Kellogg in a research report on Friday, August 4th. Three investment 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. The company currently has an average rating of “Hold” and a consensus price target of $73.45.
Kellogg (NYSE K) traded down 0.59% during trading on Friday, reaching $62.02. 1,208,914 shares of the company traded hands. The company has a market capitalization of $21.41 billion, a P/E ratio of 28.08 and a beta of 0.48. The firm has a 50-day moving average price of $65.08 and a 200-day moving average price of $69.08. Kellogg has a 52 week low of $61.03 and a 52 week high of $78.37.
Kellogg (NYSE:K) last issued its earnings results on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. Analysts forecast that Kellogg will post $3.98 earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in the business. Toronto Dominion Bank boosted its stake in Kellogg by 18.7% during the second quarter. Toronto Dominion Bank now owns 128,503 shares of the company’s stock worth $8,929,000 after buying an additional 20,248 shares during the period. Cetera Investment Advisers purchased a new position in Kellogg during the second quarter worth about $231,000. Advisory Services Network LLC boosted its stake in Kellogg by 10.5% during the second quarter. Advisory Services Network LLC now owns 4,689 shares of the company’s stock worth $326,000 after buying an additional 445 shares during the period. Beaton Management Co. Inc. purchased a new position in Kellogg during the second quarter worth about $321,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Kellogg during the second quarter worth about $350,000. 85.40% of the stock is owned by institutional investors.
Kellogg Company Profile
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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