The stock of Kellogg Company (NYSE:K) gapped down by $0.02 today and has $70.30 target or 9.00% below today’s $77.25 share price. The 8 months technical chart setup indicates high risk for the $27.13B company. The gap down was reported on Oct, 4 by Barchart.com. If the $70.30 price target is reached, the company will be worth $2.44B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 0.28% or $0.22 during the last trading session, hitting $77.25. About 1.31M shares traded hands. Kellogg Company (NYSE:K) has risen 4.15% since March 1, 2016 and is uptrending. It has underperformed by 8.06% the S&P500.
Analysts await Kellogg Company (NYSE:K) to report earnings on November, 1. They expect $0.88 EPS, up 3.53% or $0.03 from last year’s $0.85 per share. K’s profit will be $309.05 million for 21.95 P/E if the $0.88 EPS becomes a reality. After $0.91 actual EPS reported by Kellogg Company for the previous quarter, Wall Street now forecasts -3.30% negative EPS growth.
Kellogg Company (NYSE:K) Ratings Coverage
Out of 13 analysts covering Kellogg Company (NYSE:K), 6 rate it a “Buy”, 0 “Sell”, while 7 “Hold”. This means 46% are positive. Kellogg Company has been the topic of 25 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Wednesday, August 5 with “Sector Perform”. The stock of Kellogg Company (NYSE:K) has “Outperform” rating given on Monday, November 23 by Credit Suisse. Credit Suisse upgraded the stock to “Neutral” rating in Wednesday, November 4 report. The stock has “Hold” rating given by Zacks on Wednesday, August 5. On Monday, October 26 the stock rating was initiated by Susquehanna with “Neutral”. The firm has “Hold” rating by Societe Generale given on Wednesday, August 5. As per Wednesday, March 16, the company rating was upgraded by Goldman Sachs. The firm earned “Buy” rating on Wednesday, August 5 by Citigroup. The rating was maintained by RBC Capital Markets on Friday, August 5 with “Sector Perform”. Citigroup maintained Kellogg Company (NYSE:K) rating on Thursday, April 14. Citigroup has “Buy” rating and $90 price target.
According to Zacks Investment Research, “Kellogg Company is the world’s leading producer of cereal and a leading producer of convenience foods, including cookies, crackers, toaster pastries, cereal bars, frozen waffles, meat alternatives, pie crusts, and ice cream cones. The company’s brands include Kellogg’s, Keebler, Pop-Tarts, Eggo, Cheez-It, Nutri-Grain, Rice Krispies, Murray, Austin, Morningstar Farms, Famous Amos, Carr’s, Plantation, Ready Crust, and Kashi. Kellogg products are manufactured in 19 countries and marketed in more than 160 countries around the world.”
Insitutional Activity: The institutional sentiment increased to 1.21 in Q2 2016. Its up 0.22, from 0.99 in 2016Q1. The ratio is positive, as 50 funds sold all Kellogg Company shares owned while 195 reduced positions. 64 funds bought stakes while 233 increased positions. They now own 282.08 million shares or 1.76% less from 287.15 million shares in 2016Q1.
Pggm Invests accumulated 0.09% or 210,895 shares. Arrow Fincl owns 2,005 shares or 0.04% of their US portfolio. Portland Glob Advisors Ltd Liability Co accumulated 0.25% or 6,558 shares. 1832 Asset Limited Partnership holds 0% or 257 shares in its portfolio. Aperio Gp Limited last reported 134,602 shares in the company. Vanguard Grp Inc reported 17.83M shares or 0.09% of all its holdings. Hightower Limited Liability Company accumulated 17,694 shares or 0.02% of the stock. Waddell And Reed Fincl holds 0.16% of its portfolio in Kellogg Company (NYSE:K) for 951,155 shares. Korea Inv has 295,000 shares for 0.14% of their US portfolio. Clifford Swan Investment Counsel Ltd Liability Company reported 19,870 shares or 0.11% of all its holdings. Gam Holdings Ag holds 0.1% of its portfolio in Kellogg Company (NYSE:K) for 82,547 shares. Moreover, Nationwide Fund has 0.09% invested in Kellogg Company (NYSE:K) for 261,433 shares. Ontario Teachers Pension Plan Board reported 88,851 shares or 0.08% of all its holdings. Bedrijfstakpensioenfonds Voor De Media Pno, a Netherlands-based fund reported 15,300 shares. Pioneer Investment Mgmt Inc has invested 0.13% of its portfolio in Kellogg Company (NYSE:K).
Insider Transactions: Since April 15, 2016, the stock had 0 buys, and 16 insider sales for $127.78 million net activity. The insider Hirst Alistair D sold 9,830 shares worth $759,019. KELLOGG W K FOUNDATION TRUST also sold $11.55M worth of Kellogg Company (NYSE:K) on Friday, April 15. DILLON JOHN T sold $247,986 worth of stock or 3,000 shares. $322,974 worth of shares were sold by JENNESS JAMES M on Friday, May 13. Another trade for 6,000 shares valued at $502,232 was sold by Dissinger Ronald L. MEJIA MARIA FERNANDA sold $2.92 million worth of Kellogg Company (NYSE:K) on Monday, August 22. The insider Norman Paul T sold $7.92 million.
More recent Kellogg Company (NYSE:K) news were published by: Prnewswire.com which released: “Kellogg Company Renews Partnership with U.S. Olympic Committee” on September 27, 2016. Also Seekingalpha.com published the news titled: “Kellogg Company: A Total Return Growth Food Company (Part 5 Single Letter …” on September 16, 2016. Prnewswire.com‘s news article titled: “Kellogg’s Celebrates Team USA Success At The Rio 2016 Olympic Games” with publication date: September 07, 2016 was also an interesting one.
K Company Profile
Kellogg Company, incorporated on December 11, 1922, is a maker and marketer of ready-to-eat cereal and convenience foods. The Company’s 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 Company’s divisions include U.S. Morning Foods; U.S. Snacks; U.S. Specialty; North America Other; Europe; Latin America, and Asia Pacific. The U.S. Morning Foods operating segment includes cereal, toaster pastries, health and wellness bars, and beverages. The U.S. Snacks segment includes cookies, crackers, cereal bars, savory snacks and fruit-flavored snacks. The Company’s U.S. Specialty segment primarily represents food away from home channels, including food service, convenience, vending, Girl Scouts and food manufacturing. The North America Other segment includes the U.S. Frozen, Kashi and Canada operating divisions. The Company’s Europe segment consists principally of European countries; Latin America segment consists of Central and South America and includes Mexico, and Asia Pacific segment consists of Sub-Saharan Africa, Australia and other Asian and Pacific markets.
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