Morgan Stanley Cuts Kellogg’s (K) Price Target to $65.00

Kellogg’s (NYSE:K) had its price objective reduced by equities research analysts at Morgan Stanley from $70.00 to $65.00 in a note issued to investors on Wednesday. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 1.90% from the stock’s previous close.

K has been the subject of a number of other research reports. Citigroup boosted their target price on shares of Kellogg’s from $86.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Credit Suisse Group boosted their target price on shares of Kellogg’s from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 6th. Piper Jaffray raised shares of Kellogg’s from a “neutral” rating to an “overweight” rating and set a $80.00 target price for the company in a research note on Wednesday, February 28th. Zacks Investment Research cut shares of Kellogg’s from a “buy” rating to a “hold” rating in a research note on Friday, April 6th. Finally, Susquehanna Bancshares set a $69.00 target price on shares of Kellogg’s 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, nine have issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $72.82.

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K opened at $63.79 on Wednesday. Kellogg’s has a fifty-two week low of $58.76 and a fifty-two week high of $74.28. The company has a debt-to-equity ratio of 3.52, a current ratio of 0.68 and a quick ratio of 0.41. The firm has a market capitalization of $22,069.14, a price-to-earnings ratio of 15.79, a PEG ratio of 1.96 and a beta of 0.45.

Kellogg’s (NYSE:K) last released its quarterly earnings data on Thursday, February 8th. The company reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Kellogg’s had a net margin of 9.82% and a return on equity of 70.35%. The company had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. equities analysts anticipate that Kellogg’s will post 4.46 EPS for the current year.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 200,000 shares of the business’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $63.57, for a total transaction of $12,714,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Gary H. Pilnick sold 4,400 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $67.55, for a total transaction of $297,220.00. The disclosure for this sale can be found here. Insiders have sold 823,763 shares of company stock worth $55,501,777 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC boosted its holdings in Kellogg’s by 45.2% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 15,397 shares of the company’s stock valued at $960,000 after purchasing an additional 4,794 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Kellogg’s by 7.1% in the 3rd quarter. Janney Montgomery Scott LLC now owns 26,138 shares of the company’s stock valued at $1,630,000 after purchasing an additional 1,731 shares during the last quarter. Pensionfund DSM Netherlands acquired a new position in Kellogg’s in the 4th quarter valued at about $3,331,000. Pensionfund Sabic acquired a new position in Kellogg’s in the 4th quarter valued at about $1,700,000. Finally, Fruth Investment Management acquired a new position in Kellogg’s in the 4th quarter valued at about $201,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

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About Kellogg’s

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

Analyst Recommendations for Kellogg`s (NYSE:K)

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