Kellogg’s (NYSE:K) “Neutral” Rating Reiterated at UBS AG

UBS AG reaffirmed their neutral rating on shares of Kellogg Company (NYSE:K) in a report released on Tuesday, July 18th, www.flashratings.com reports. The brokerage currently has a $72.00 price objective on the stock, down from their previous price objective of $76.00.

K has been the subject of a number of other reports. Sanford C. Bernstein cut shares of Kellogg from a market perform rating to an underperform rating in a research report on Tuesday, March 21st. Susquehanna Bancshares Inc reaffirmed a neutral rating and set a $80.00 price objective (down from $82.00) on shares of Kellogg in a research report on Tuesday, April 25th. Credit Suisse Group reduced their price objective on shares of Kellogg from $80.00 to $75.00 and set a neutral rating for the company in a research report on Friday, May 5th. Zacks Investment Research downgraded Kellogg from a hold rating to a sell rating in a report on Tuesday, May 9th. Finally, Morgan Stanley reissued an equal weight rating and set a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Kellogg presently has a consensus rating of Hold and an average target price of $74.50.

Shares of Kellogg (NYSE:K) traded up 0.09% during trading on Tuesday, hitting $68.81. 1,054,904 shares of the company were exchanged. The stock has a market cap of $23.75 billion, a P/E ratio of 31.15 and a beta of 0.50. The company’s 50-day moving average price is $67.90 and its 200 day moving average price is $71.54. Kellogg has a 12 month low of $65.32 and a 12 month high of $84.01.

Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts predict that Kellogg will post $3.98 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be paid a dividend of $0.54 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 annualized dividend and a yield of 3.14%. Kellogg’s payout ratio is presently 94.12%.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total transaction of $1,852,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was 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 own 1.30% of the company’s stock.

Several institutional investors have recently modified their holdings of K. Dimensional Fund Advisors LP raised its position in shares of Kellogg by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 566,544 shares of the company’s stock worth $41,761,000 after buying an additional 18,532 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in Kellogg by 2.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 875,643 shares of the company’s stock worth $64,543,000 after buying an additional 18,768 shares during the last quarter. Kentucky Retirement Systems bought a new stake in Kellogg during the fourth quarter worth approximately $1,351,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Kellogg during the fourth quarter worth approximately $603,000. Finally, Highbridge Capital Management LLC bought a new stake in Kellogg during the fourth quarter worth approximately $3,315,000. 83.53% of the stock is currently 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.

Analyst Recommendations for Kellogg (NYSE:K)

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