Kellogg (NYSE:K)‘s stock had its “sell” rating reissued by Barclays in a report issued on Sunday. They presently have a $69.00 target price on the stock. Barclays’ price objective would indicate a potential upside of 2.48% from the company’s previous close.
Several other analysts have also recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Kellogg from $69.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Friday. Bank of America upped their price objective on shares of Kellogg from $66.00 to $69.00 and gave the stock an “underperform” rating in a research note on Friday. Citigroup decreased their price objective on shares of Kellogg from $91.00 to $87.00 and set a “buy” rating on the stock in a research note on Friday. Credit Suisse Group upped their price objective on shares of Kellogg from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 6th. Finally, Susquehanna Bancshares set a $69.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Monday, February 5th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $73.19.
Kellogg (NYSE K) traded up $1.35 during midday trading on Friday, reaching $67.33. 4,190,978 shares of the company were exchanged, compared to its average volume of 3,374,025. The company has a market capitalization of $23,260.70, a PE ratio of 18.60, a P/E/G ratio of 2.50 and a beta of 0.47. Kellogg has a twelve month low of $58.76 and a twelve month high of $76.56. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.43 and a current ratio of 0.68.
Kellogg declared that its Board of Directors has authorized a stock buyback plan on Friday, December 15th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $65.14, for a total value of $5,120,394.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $65.00, for a total transaction of $207,675.00. The disclosure for this sale can be found here. Insiders sold 306,316 shares of company stock worth $20,381,841 over the last 90 days. 1.30% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in K. Dimensional Fund Advisors LP raised its holdings in Kellogg by 2.6% in the second quarter. Dimensional Fund Advisors LP now owns 591,672 shares of the company’s stock worth $41,095,000 after purchasing an additional 15,096 shares during the period. Numeric Investors LLC raised its holdings in Kellogg by 68.8% in the second quarter. Numeric Investors LLC now owns 5,400 shares of the company’s stock worth $375,000 after purchasing an additional 2,200 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Kellogg by 10.8% in the second quarter. Cubist Systematic Strategies LLC now owns 10,603 shares of the company’s stock worth $736,000 after purchasing an additional 1,035 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in Kellogg by 28.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 52,522 shares of the company’s stock worth $3,648,000 after purchasing an additional 11,785 shares during the period. Finally, Verition Fund Management LLC raised its holdings in Kellogg by 19.5% in the second quarter. Verition Fund Management LLC now owns 6,855 shares of the company’s stock worth $476,000 after purchasing an additional 1,120 shares during the period. Institutional investors and hedge funds own 89.92% of the company’s stock.
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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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