Morgan Stanley Increases Kellogg (NYSE:K) Price Target to $71.00

Kellogg (NYSE:K) had its price objective increased by equities research analysts at Morgan Stanley from $67.00 to $71.00 in a report issued on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 2.91% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Consumer Edge upgraded shares of Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 price objective for the company in a report on Friday, May 1st. Credit Suisse Group initiated coverage on shares of Kellogg in a report on Tuesday, June 2nd. They issued a “buy” rating and a $76.00 price objective for the company. Seaport Global Securities initiated coverage on shares of Kellogg in a report on Tuesday, July 28th. They issued a “buy” rating and a $76.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Kellogg from $63.00 to $66.00 and gave the stock a “neutral” rating in a report on Friday, April 17th. Finally, Sanford C. Bernstein cut shares of Kellogg from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $64.00 to $55.00 in a report on Thursday, June 11th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $70.24.

K opened at $68.99 on Friday. The company has a market capitalization of $23.64 billion, a price-to-earnings ratio of 21.76, a price-to-earnings-growth ratio of 4.55 and a beta of 0.57. Kellogg has a 1-year low of $52.66 and a 1-year high of $72.88. The business has a 50 day moving average price of $66.92 and a two-hundred day moving average price of $65.16. The company has a debt-to-equity ratio of 2.19, a current ratio of 0.77 and a quick ratio of 0.55.

Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.30. Kellogg had a return on equity of 43.36% and a net margin of 8.09%. The company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter in the prior year, the company earned $1.01 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Equities analysts expect that Kellogg will post 3.93 EPS for the current fiscal year.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $66.52, for a total value of $6,652,000.00. Over the last 90 days, insiders sold 400,000 shares of company stock valued at $26,766,000. Corporate insiders own 1.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the business. Bay Harbor Wealth Management LLC bought a new position in Kellogg during the first quarter worth about $29,000. Citizens Financial Group Inc RI boosted its position in shares of Kellogg by 229.4% in the first quarter. Citizens Financial Group Inc RI now owns 639 shares of the company’s stock valued at $38,000 after acquiring an additional 445 shares during the period. Ellevest Inc. boosted its position in shares of Kellogg by 63.3% in the first quarter. Ellevest Inc. now owns 733 shares of the company’s stock valued at $44,000 after acquiring an additional 284 shares during the period. Capital Square LLC bought a new position in shares of Kellogg in the first quarter valued at approximately $46,000. Finally, Trustcore Financial Services LLC bought a new position in shares of Kellogg in the first quarter valued at approximately $48,000. 84.43% of the stock is currently owned by hedge funds and other 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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