Kellogg Company (K) was Reiterated by Credit Suisse to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 94 from a previous price target of $84 . Credit Suisse advised their investors in a research report released on Jul 21, 2016.
On the company’s financial health, Kellogg Company reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.94. The company had revenue of $3395.00 million for the quarter, compared to analysts expectations of $3466.55 million. The company’s revenue was down -4.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.98 EPS.
Kellogg Company closed down -4.72 points or -5.43% at $82.26 with 83,05,049 shares getting traded on Wednesday. Post opening the session at $86.9, the shares hit an intraday low of $82.19 and an intraday high of $87 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on May 16, 2016, Ronald L Dissinger (Chief Financial Officer) sold 50,000 shares at $77.02 per share price. According to the SEC, on May 16, 2016, James M Jenness (director) sold 4,170 shares at $77.45 per share price. On May 16, 2016, Alistair D Hirst (Senior Vice President) sold 9,830 shares at $77.21 per share price, according to the Form-4 filing with the securities and exchange commission.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Companys 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. The Companys cereal products are generally marketed under the Kelloggs name and are sold to the grocery trade through direct sales forces for resale to consumers. The Company also markets cookies crackers crisps and other convenience foods under brands such as Kelloggs Keebler Cheez-It Murray Austin and Famous Amos to supermarkets in the United States through a direct store-door (DSD) delivery system although other distribution methods are also used. The Company uses broker and distributor arrangements for certain products. It also uses similar arrangements in less-developed market areas or in those market areas outside of its focus.