Kellogg (NYSE:K) had its price objective raised by equities researchers at Credit Suisse Group from $68.00 to $70.00 in a note issued to investors on Tuesday. The brokerage presently has a “neutral” rating on the stock. Credit Suisse Group’s price target would indicate a potential upside of 7.43% from the company’s current price.
Several other brokerages also recently issued reports on K. Citigroup upped their price target on Kellogg from $86.00 to $91.00 and gave the stock a “buy” rating in a report on Tuesday, January 16th. UBS Group decreased their price target on Kellogg from $72.00 to $67.00 and set a “neutral” rating for the company in a report on Wednesday, November 1st. Argus upgraded Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price target for the company in a report on Wednesday, November 22nd. Bank of America reiterated an “underperform” rating and set a $66.00 price target (down previously from $72.00) on shares of Kellogg in a report on Monday, October 9th. Finally, Piper Jaffray Companies set a $72.00 price target on Kellogg and gave the stock a “hold” rating in a report on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Kellogg has an average rating of “Hold” and an average price target of $73.27.
Shares of Kellogg (K) traded up $1.03 during trading on Tuesday, reaching $65.16. The company had a trading volume of 5,060,000 shares, compared to its average volume of 2,840,000. Kellogg has a 1-year low of $58.76 and a 1-year high of $76.69. The company has a market capitalization of $22,490.00, a P/E ratio of 29.09, a P/E/G ratio of 2.44 and a beta of 0.47. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43.
Kellogg declared that its board has authorized a stock buyback program on Friday, December 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, Director James M. Jenness sold 26,592 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $63.08, for a total transaction of $1,677,423.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $67.53, for a total value of $12,155,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 522,908 shares of company stock worth $34,031,165 in the last ninety days. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Nordea Investment Management AB raised its stake in shares of Kellogg by 15,410.4% during the 3rd quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock valued at $141,596,000 after purchasing an additional 2,255,617 shares during the period. HS Management Partners LLC bought a new stake in shares of Kellogg during the 3rd quarter valued at $122,431,000. LSV Asset Management bought a new stake in shares of Kellogg during the 4th quarter valued at $79,597,000. Ameriprise Financial Inc. raised its stake in shares of Kellogg by 34.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after purchasing an additional 1,030,264 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Kellogg by 2,619.1% during the 2nd quarter. Janus Henderson Group PLC now owns 870,911 shares of the company’s stock valued at $60,493,000 after purchasing an additional 838,882 shares during the period. 89.92% of the stock is currently owned by hedge funds and other institutional investors.
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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.