DZ Bank Downgrades Kellogg (K) to Hold
Kellogg (NYSE:K) was downgraded by research analysts at DZ Bank from a “buy” rating to a “hold” rating in a research report issued on Friday.
K has been the topic of several other reports. Susquehanna Bancshares set a $71.00 target price on Kellogg and gave the stock a “hold” rating in a report on Tuesday, October 31st. Morgan Stanley cut their target price on Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a report on Friday, October 13th. Royal Bank Of Canada set a $81.00 target price on Kellogg and gave the stock a “hold” rating in a report on Wednesday, October 18th. Buckingham Research cut their target price on Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Finally, Credit Suisse Group cut their target price on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $71.15.
Shares of Kellogg (NYSE K) opened at $66.53 on Friday. The firm has a market capitalization of $22,984.32, a price-to-earnings ratio of 16.63, a P/E/G ratio of 2.69 and a beta of 0.52. Kellogg has a 52-week low of $58.76 and a 52-week high of $76.69. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 3.71.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 3,195 shares of the business’s stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $65.00, for a total value of $207,675.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steven A. Cahillane acquired 15,930 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were bought at an average cost of $62.70 per share, with a total value of $998,811.00. Following the completion of the acquisition, the chief executive officer now directly owns 15,930 shares in the company, valued at approximately $998,811. The disclosure for this purchase can be found here. Insiders sold a total of 349,754 shares of company stock worth $22,304,119 over the last three months. 1.30% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Shelton Capital Management grew its holdings in shares of Kellogg by 22.1% in the third quarter. Shelton Capital Management now owns 301,416 shares of the company’s stock valued at $18,799,000 after acquiring an additional 54,500 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Kellogg in the third quarter valued at approximately $552,000. GSA Capital Partners LLP bought a new position in shares of Kellogg in the third quarter valued at approximately $1,629,000. Belpointe Asset Management LLC bought a new position in shares of Kellogg in the third quarter valued at approximately $389,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Kellogg in the third quarter valued at approximately $473,000. 89.65% of the stock is owned by hedge funds and other institutional investors.
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Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.
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