Citigroup Raises Kellogg (K) Price Target to $91.00

Kellogg (NYSE:K) had its price objective lifted by research analysts at Citigroup from $86.00 to $91.00 in a research report issued to clients and investors on Tuesday. The firm currently has a “buy” rating on the stock. Citigroup’s target price points to a potential upside of 40.67% from the stock’s previous close.

K has been the topic of several other reports. Susquehanna Bancshares set a $71.00 price objective on shares of Kellogg and gave the company a “hold” rating in a report on Tuesday, October 31st. Morgan Stanley reduced their target price on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research report on Friday, October 13th. Royal Bank of Canada set a $81.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Wednesday, October 18th. Buckingham Research reduced their target price on shares of Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Finally, Credit Suisse Group reduced their target price on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $72.57.

Kellogg (K) traded down $1.29 during trading hours on Tuesday, hitting $64.69. 4,940,100 shares of the company’s stock traded hands, compared to its average volume of 3,006,866. Kellogg has a 12-month low of $58.76 and a 12-month high of $76.69. The firm has a market capitalization of $22,330.00, a P/E ratio of 28.88, a P/E/G ratio of 2.45 and a beta of 0.52. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68.

Kellogg (NYSE:K) last released its quarterly earnings data on Tuesday, October 31st. The company reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.11. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The firm had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.22 billion. During the same period in the previous year, the company earned $0.96 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. equities research analysts expect that Kellogg will post 4.03 earnings per share for the current year.

Kellogg announced that its board has authorized a stock buyback program on Friday, December 15th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

In related news, Chairman John A. Bryant sold 190,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $63.01, for a total transaction of $11,971,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven A. Cahillane acquired 15,930 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were purchased at an average cost of $62.70 per share, with a total value of $998,811.00. Following the transaction, the chief executive officer now directly owns 15,930 shares of the company’s stock, valued at $998,811. The disclosure for this purchase can be found here. Insiders have sold 349,754 shares of company stock valued at $22,304,119 in the last ninety days. 1.30% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of K. King Luther Capital Management Corp lifted its holdings in shares of Kellogg by 2.7% in the second quarter. King Luther Capital Management Corp now owns 3,640 shares of the company’s stock worth $253,000 after acquiring an additional 95 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Kellogg by 55.5% in the second quarter. Amalgamated Bank now owns 29,195 shares of the company’s stock worth $2,028,000 after acquiring an additional 10,423 shares during the last quarter. Profund Advisors LLC lifted its holdings in shares of Kellogg by 25.8% in the second quarter. Profund Advisors LLC now owns 7,409 shares of the company’s stock worth $515,000 after acquiring an additional 1,520 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Kellogg by 3.2% in the second quarter. PNC Financial Services Group Inc. now owns 156,551 shares of the company’s stock worth $10,873,000 after acquiring an additional 4,798 shares during the last quarter. Finally, BRYN MAWR TRUST Co lifted its holdings in shares of Kellogg by 4.0% in the second quarter. BRYN MAWR TRUST Co now owns 5,187 shares of the company’s stock worth $361,000 after acquiring an additional 200 shares during the last quarter. 89.62% of the stock is owned by institutional investors and hedge funds.

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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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