Investors Buy Kellogg (K) on Weakness After Analyst Downgrade
Traders bought shares of Kellogg (NYSE:K) on weakness during trading hours on Friday after BMO Capital Markets lowered their price target on the stock to $62.00. $69.80 million flowed into the stock on the tick-up and $45.36 million flowed out of the stock on the tick-down, for a money net flow of $24.44 million into the stock. Of all stocks tracked, Kellogg had the 26th highest net in-flow for the day. Kellogg traded down ($0.48) for the day and closed at $55.36
Several other equities analysts have also issued reports on K. ValuEngine raised shares of Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Zacks Investment Research raised shares of Kellogg from a “sell” rating to a “hold” rating in a report on Thursday, October 25th. Piper Jaffray Companies set a $79.00 price objective on shares of Kellogg and gave the company a “buy” rating in a report on Tuesday, October 16th. Citigroup cut their price objective on shares of Kellogg from $87.00 to $79.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Finally, Buckingham Research cut their price objective on shares of Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. Kellogg currently has a consensus rating of “Hold” and a consensus price target of $65.98.
In other news, CFO Fareed A. Khan bought 8,190 shares of the stock in a transaction on Tuesday, November 20th. The stock was bought at an average cost of $62.14 per share, for a total transaction of $508,926.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Steven A. Cahillane bought 17,825 shares of the stock in a transaction on Monday, November 19th. The stock was purchased at an average price of $61.63 per share, with a total value of $1,098,554.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 580,000 shares of company stock valued at $34,626,200. 1.40% of the stock is owned by insiders.
The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84. The company has a market capitalization of $20.53 billion, a P/E ratio of 13.70, a price-to-earnings-growth ratio of 2.24 and a beta of 0.58.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, February 7th. The company reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.03. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The business had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts expect that Kellogg will post 4.31 EPS for the current fiscal year.
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About Kellogg (NYSE:K)
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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