Kellogg (NYSE:K) Coverage Initiated at Morgan Stanley

Morgan Stanley assumed coverage on shares of Kellogg (NYSE:K) in a research report released on Tuesday, PriceTargets.com reports. The firm issued a hold rating and a $64.00 price objective on the stock.

A number of other brokerages also recently commented on K. Credit Suisse Group decreased their target price on Kellogg from $62.00 to $61.00 and set a neutral rating for the company in a report on Monday, August 30th. National Bank Financial downgraded Kellogg to a sector perform rating in a report on Tuesday, June 22nd. Finally, Seaport Res Ptn reaffirmed a buy rating on shares of Kellogg in a research report on Thursday, August 5th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and an average target price of $66.78.

Shares of K opened at $62.78 on Tuesday. Kellogg has a twelve month low of $56.61 and a twelve month high of $68.60. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.81. The stock has a market cap of $21.40 billion, a PE ratio of 16.61, a P/E/G ratio of 3.52 and a beta of 0.65. The business’s 50-day moving average price is $63.80 and its 200-day moving average price is $63.90.

Kellogg (NYSE:K) last issued its earnings results on Thursday, August 5th. The company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.11. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 37.51% and a net margin of 9.27%. Kellogg’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.24 earnings per share. Analysts expect that Kellogg will post 4.11 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Wednesday, September 1st were issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date was Tuesday, August 31st. Kellogg’s payout ratio is currently 58.15%.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the company’s stock in a transaction on Tuesday, July 20th. The stock was sold at an average price of $64.90, for a total value of $5,408,376.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 83,333 shares of the company’s stock in a transaction on Friday, September 10th. The stock was sold at an average price of $62.61, for a total value of $5,217,479.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 499,997 shares of company stock valued at $32,074,806. 1.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in K. BlackRock Inc. increased its position in Kellogg by 0.7% during the 2nd quarter. BlackRock Inc. now owns 24,578,511 shares of the company’s stock valued at $1,581,135,000 after buying an additional 163,271 shares in the last quarter. State Street Corp increased its position in Kellogg by 0.5% during the 2nd quarter. State Street Corp now owns 12,464,707 shares of the company’s stock valued at $801,855,000 after buying an additional 64,130 shares in the last quarter. Geode Capital Management LLC increased its position in Kellogg by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,269,236 shares of the company’s stock valued at $273,837,000 after buying an additional 63,355 shares in the last quarter. Morgan Stanley increased its position in Kellogg by 153.8% during the 2nd quarter. Morgan Stanley now owns 4,225,332 shares of the company’s stock valued at $271,815,000 after buying an additional 2,560,788 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Kellogg by 66.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,420,279 shares of the company’s stock valued at $216,504,000 after buying an additional 1,369,552 shares in the last quarter. 85.39% of the stock is owned by hedge funds and other institutional investors.

Kellogg Company Profile

Kellogg Co engages in the manufacturing, marketing, and distribution of ready-to-eat cereal and convenience foods. The firm markets cookies, crackers, crisps, and other convenience foods, under brands such as Kellogg’s, Cheez-It, Pringles, and Austin to supermarkets in the U.S. It operates through the following geographical segments: North America, Europe, Latin America, and AMEA(Asia Middle East Africa).

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Analyst Recommendations for Kellogg (NYSE:K)

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