JPMorgan Chase & Co. Downgrades Kellogg (K) to Neutral
Kellogg (NYSE:K) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat.com reports. They currently have a $66.00 target price on the stock, down from their previous target price of $73.00. JPMorgan Chase & Co.’s price target would suggest a potential upside of 5.57% from the stock’s previous close.
K has been the subject of a number of other reports. Buckingham Research cut their target price on Kellogg from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, November 1st. ValuEngine raised Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Credit Suisse Group cut their target price on Kellogg from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Thursday, November 1st. Morgan Stanley initiated coverage on Kellogg in a research note on Monday, September 17th. They set an “equal weight” rating and a $75.00 target price for the company. Finally, UBS Group set a $65.00 target price on Kellogg and gave the stock a “hold” rating in a research note on Thursday, November 1st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $70.22.
Kellogg stock opened at $62.52 on Wednesday. Kellogg has a twelve month low of $56.40 and a twelve month high of $74.98. The company has a quick ratio of 0.52, a current ratio of 0.84 and a debt-to-equity ratio of 2.41. The company has a market cap of $22.31 billion, a price-to-earnings ratio of 15.48, a P/E/G ratio of 2.12 and a beta of 0.50.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 10th. The stock was sold at an average price of $69.72, for a total value of $14,292,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in K. Honkamp Krueger Financial Services Inc. purchased a new position in Kellogg during the third quarter worth $101,000. LFA Lugano Financial Advisors SA purchased a new position in Kellogg during the second quarter worth $103,000. Integrated Investment Consultants LLC purchased a new position in Kellogg during the second quarter worth $110,000. Financial Architects Inc purchased a new position in Kellogg during the third quarter worth $111,000. Finally, Captrust Financial Advisors increased its position in Kellogg by 216.4% during the third quarter. Captrust Financial Advisors now owns 1,585 shares of the company’s stock worth $111,000 after buying an additional 1,084 shares in the last quarter. 88.59% of the stock is owned by institutional investors.
Kellogg Company Profile
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.
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