J P Morgan Chase & Co upgraded shares of Kellogg Company (NYSE:K) from a neutral rating to an overweight rating in a research note released on Friday, August 4th, Marketbeat reports. They currently have $78.00 target price on the stock, up from their previous target price of $76.00.
Other analysts have also issued reports about the stock. TheStreet raised shares of Kellogg from a c+ rating to a b+ rating in a research note on Thursday, May 4th. Morgan Stanley reissued an equal weight rating and set a $69.00 target price (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. Susquehanna Bancshares Inc set a $78.00 target price on shares of Kellogg and gave the company a hold rating in a research note on Wednesday, June 14th. Zacks Investment Research raised shares of Kellogg from a sell rating to a hold rating in a research note on Monday, June 12th. Finally, BMO Capital Markets reissued a hold rating and set a $85.00 target price on shares of Kellogg in a research note on Friday, August 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Kellogg has a consensus rating of Hold and a consensus target price of $74.50.
Shares of Kellogg (NYSE:K) traded down 0.21% during trading on Friday, hitting $69.95. The company had a trading volume of 1,975,934 shares. Kellogg has a 52-week low of $65.32 and a 52-week high of $83.65. The stock’s 50-day moving average is $67.92 and its 200 day moving average is $71.45. The firm has a market capitalization of $24.14 billion, a P/E ratio of 31.67 and a beta of 0.50.
Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.05. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. Equities research analysts predict that Kellogg will post $3.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.09%. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s payout ratio is currently 94.12%.
In other Kellogg news, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Washington Trust Bank raised its position in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after buying an additional 15 shares in the last quarter. Exane Derivatives raised its position in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock valued at $134,000 after buying an additional 1,403 shares in the last quarter. Pathstone Family Office LLC bought a new position in Kellogg during the first quarter valued at $143,000. Security National Trust Co. raised its position in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock valued at $150,000 after buying an additional 139 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its position in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after buying an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 83.05% of the company’s stock.
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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