Kellogg (NYSE:K) Given New $65.00 Price Target at Morgan Stanley

Kellogg (NYSE:KGet Rating) had its price target reduced by equities researchers at Morgan Stanley from $67.00 to $65.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 4.34% from the stock’s current price.

K has been the subject of a number of other research reports. UBS Group assumed coverage on Kellogg in a research report on Wednesday, March 30th. They issued a “buy” rating and a $73.00 target price for the company. JPMorgan Chase & Co. lowered Kellogg from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $64.00 to $57.00 in a report on Friday, February 11th. BMO Capital Markets downgraded Kellogg from an “outperform” rating to a “market perform” rating and cut their price target for the company from $75.00 to $70.00 in a research note on Monday, January 31st. Bank of America cut shares of Kellogg from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $76.00 to $70.00 in a research note on Wednesday, January 5th. Finally, started coverage on Kellogg in a report on Thursday, March 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, Kellogg has a consensus rating of “Hold” and a consensus price target of $67.11.

K stock opened at $67.95 on Wednesday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.38 and a current ratio of 0.64. The firm’s fifty day moving average is $63.70 and its 200 day moving average is $63.67. The firm has a market cap of $23.11 billion, a P/E ratio of 15.69, a P/E/G ratio of 5.93 and a beta of 0.56. Kellogg has a 52 week low of $59.54 and a 52 week high of $68.60.

Kellogg (NYSE:KGet Rating) last posted its quarterly earnings data on Thursday, February 10th. The company reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.04. The business had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.39 billion. Kellogg had a return on equity of 36.15% and a net margin of 10.49%. The business’s revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 EPS. As a group, analysts forecast that Kellogg will post 4.08 EPS for the current year.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,163 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $66.08, for a total value of $9,658,451.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Gary H. Pilnick sold 14,506 shares of the stock in a transaction that occurred on Wednesday, February 23rd. The shares were sold at an average price of $66.53, for a total value of $965,084.18. The disclosure for this sale can be found here. In the last ninety days, insiders sold 622,636 shares of company stock valued at $39,984,237. Corporate insiders own 1.40% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Community Bank N.A. bought a new stake in Kellogg in the third quarter worth $26,000. CVA Family Office LLC bought a new position in Kellogg during the fourth quarter valued at $26,000. Heritage Wealth Advisors purchased a new position in shares of Kellogg in the 4th quarter worth $26,000. Bell Investment Advisors Inc bought a new stake in shares of Kellogg in the 3rd quarter worth about $29,000. Finally, AHL Investment Management Inc. purchased a new stake in shares of Kellogg during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 83.69% of the company’s stock.

About Kellogg (Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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