Kellogg (NYSE:K) – Stock analysts at Piper Jaffray Companies increased their Q4 2018 earnings per share estimates for Kellogg in a research note issued on Monday, October 15th, according to Zacks Investment Research. Piper Jaffray Companies analyst M. Lavery now expects that the company will post earnings of $1.05 per share for the quarter, up from their prior estimate of $1.01. Piper Jaffray Companies currently has a “Overweight” rating and a $74.00 target price on the stock.
A number of other equities research analysts have also recently issued reports on the stock. Argus dropped their target price on shares of Kellogg from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday. They noted that the move was a valuation call. UBS Group set a $65.00 target price on shares of Kellogg and gave the company a “hold” rating in a report on Thursday, November 1st. Wells Fargo & Co set a $64.00 price target on shares of Kellogg and gave the company a “hold” rating in a report on Thursday, November 1st. Royal Bank of Canada lowered their price target on shares of Kellogg to $72.00 and set a “market perform” rating on the stock in a report on Thursday, November 1st. Finally, Credit Suisse Group lowered their price target on shares of Kellogg from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $71.59.
Kellogg (NYSE:K) last posted its quarterly earnings data on Wednesday, October 31st. The company reported $1.06 EPS for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 earnings per share.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 annualized dividend and a dividend yield of 3.45%. Kellogg’s dividend payout ratio is presently 55.45%.
In other 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 shares were sold at an average price of $69.72, for a total transaction of $14,292,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.40% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in K. Brown Advisory Inc. boosted its position in shares of Kellogg by 81.1% during the 2nd quarter. Brown Advisory Inc. now owns 163,119 shares of the company’s stock worth $11,398,000 after acquiring an additional 73,044 shares in the last quarter. Manning & Napier Group LLC boosted its position in shares of Kellogg by 11.5% during the 3rd quarter. Manning & Napier Group LLC now owns 67,873 shares of the company’s stock worth $4,752,000 after acquiring an additional 7,005 shares in the last quarter. Andra AP fonden acquired a new stake in shares of Kellogg during the 2nd quarter worth approximately $8,049,000. AMP Capital Investors Ltd boosted its position in shares of Kellogg by 12.9% during the 2nd quarter. AMP Capital Investors Ltd now owns 142,251 shares of the company’s stock worth $9,937,000 after acquiring an additional 16,251 shares in the last quarter. Finally, ELM Advisors LLC acquired a new stake in shares of Kellogg during the 3rd quarter worth approximately $172,000. 88.95% of the stock is currently 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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