Kellogg Co shares up in early trade after third quarter beats estimates

Marco Green
November 1, 2017

This stock has garnered the attention of value investors and here we'll take a look at the equity's recent performance. Finally, Wetherby Asset Management Inc. raised its stake in shares of Kellogg by 1.4% during the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company's stock worth $545,047,000 after purchasing an additional 3,807,425 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. now owns 30,109 shares of the company's stock worth $2,311,000 after buying an additional 1,641 shares during the period. Ngam Advisors L.P. bought a new position in Kellogg during the 1st quarter worth about $744,000. FMR LLC now owns 1,104,803 shares of the company's stock worth $80,220,000 after purchasing an additional 418,646 shares in the last quarter. Company insiders own 8.80% of the company's stock.

The biggest institutional shareholders in Kellogg Company include Bank of New York Mellon Trust Co NA which owns 68 million shares in the company valued at $5.04 B million. Susquehanna Bancshares Inc reissued a "hold" rating on shares of Kellogg in a research report on Thursday, August 3rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Kellogg from $73.00 to $87.00 and gave the stock a "neutral" rating in a research report on Friday, August 5th. BMO Capital Markets reiterated a "hold" rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th.

At the moment 19 analysts are watching Kellogg Company (NASDAQ:K), 2 rate it "Buy", 1 "Outperform", 14 "Underperform", 2 "Sell", while 0 "Hold". Bank Of New York Trust Company NA is the second biggest holder with 68 million shares now valued at 4.72 B million whilst Victory Capital Management Inc. has 26 million shares valued at 1.80 B million. Earnings per share is generally reported in annualized form from the most recent fiscal year. If you are viewing this story on another publication, it was stolen and republished in violation of US & worldwide trademark and copyright law. The legal version of this news story can be read at https://www.dispatchtribunal.com/2017/10/31/kellogg-company-k-given-average-recommendation-of-hold-by-brokerages.html. The company has a market cap of $21.75 billion, a P/E ratio of 28.526 and a beta of 0.48.

Kellogg Company (NYSE:K) early Tuesday posted much better than expected third quarter earnings results, sending its shares higher in premarket trading.

Net sales rose 0.6 percent to $3.27 billion following 10 straight quarterly declines, and beat the average analyst estimate of $3.21 billion, according to Thomson Reuters I/B/E/S. The company had revenue of $3.19 billion during the quarter, compared to analysts' expectations of $3.16 billion. The business's revenue for the quarter was down 2.5% compared to the same quarter past year. During the same quarter past year, the business posted $0.96 earnings per share. On average, equities research analysts predict that Kellogg Company will post $3.97 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th.

Other reports by Click Lancashire

Discuss This Article

FOLLOW OUR NEWSPAPER