Consumer Edge Lowers Kellogg (NYSE:K) to Underweight

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Consumer Edge cut shares of Kellogg (NYSE:K) from an equal weight rating to an underweight rating in a research report sent to investors on Monday, Benzinga reports. They currently have $49.00 price target on the stock.

A number of other research firms have also recently weighed in on K. ValuEngine upgraded Kellogg from a sell rating to a hold rating in a report on Monday, April 29th. Zacks Investment Research cut Kellogg from a hold rating to a sell rating in a report on Tuesday, April 23rd. Piper Jaffray Companies reduced their target price on Kellogg from $69.00 to $64.00 and set an overweight rating on the stock in a research note on Friday, April 5th. Finally, Morgan Stanley set a $56.00 target price on Kellogg and gave the company a hold rating in a research note on Tuesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $62.05.

K opened at $53.45 on Monday. The firm has a market cap of $18.57 billion, a PE ratio of 12.34, a P/E/G ratio of 3.21 and a beta of 0.64. The company has a current ratio of 0.68, a quick ratio of 0.41 and a debt-to-equity ratio of 2.75. The stock has a 50 day moving average price of $55.93. Kellogg has a 1-year low of $51.34 and a 1-year high of $74.98.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The business had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.53 billion. Kellogg had a return on equity of 43.13% and a net margin of 8.59%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.19 EPS. As a group, equities analysts expect that Kellogg will post 3.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Monday, June 3rd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date was Friday, May 31st. Kellogg’s payout ratio is currently 51.73%.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $54.95, for a total transaction of $5,495,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders sold 600,000 shares of company stock worth $33,988,000. 0.09% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of K. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Kellogg in the 4th quarter worth $48,000. Nelson Roberts Investment Advisors LLC raised its position in shares of Kellogg by 102.3% in the 1st quarter. Nelson Roberts Investment Advisors LLC now owns 1,416 shares of the company’s stock worth $81,000 after buying an additional 716 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Kellogg by 179.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,750 shares of the company’s stock worth $3,235,000 after buying an additional 36,450 shares during the period. Farmers National Bank purchased a new position in shares of Kellogg in the 1st quarter worth $78,000. Finally, Manning & Napier Group LLC raised its position in shares of Kellogg by 30.4% in the 1st quarter. Manning & Napier Group LLC now owns 103,719 shares of the company’s stock worth $5,950,000 after buying an additional 24,169 shares during the period. 87.19% of the stock is currently owned by institutional investors.

About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Analyst Recommendations for Kellogg (NYSE:K)

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