Could Kellogg Company (K) Change Direction After This Bearish Double Bottom Pattern

September 17, 2017 - By Hazel Jackson

Investors sentiment decreased to 0.87 in Q4 2016. Its down 0.06, from 0.93 in 2016Q3. It dropped, as 59 investors sold Kellogg Company shares while 223 reduced holdings. 61 funds opened positions while 185 raised stakes. 282.98 million shares or 1.36% more from 279.19 million shares in 2016Q3 were reported.
Henderson Group Inc Plc invested in 0.02% or 31,429 shares. Whittier holds 3,054 shares. Bruce Inc holds 0.09% or 4,436 shares. Old Mutual Customised Solutions (Proprietary) Limited holds 0.11% or 8,000 shares in its portfolio. Jefferies Group Ltd stated it has 109,968 shares or 0.05% of all its holdings. Fil Limited stated it has 3.11 million shares. Magnetar Ltd invested in 0.02% or 16,610 shares. Grp Inc holds 0.02% or 86,849 shares in its portfolio. 15,496 are owned by Balyasny Asset Mngmt Ltd Co. Moreover, Sumitomo Mitsui Trust Hldgs has 0.1% invested in Kellogg Company (NYSE:K). Mairs And Power holds 3,850 shares. Gateway Investment Advisers Lc stated it has 22,299 shares. Wilbanks Smith & Thomas Asset Mngmt Limited Liability Corp accumulated 0.67% or 101,050 shares. Sigma Planning owns 5,133 shares. Fdx Advsrs Inc invested in 20,947 shares.

Since May 8, 2017, it had 0 buys, and 3 sales for $7.18 million activity. 70,000 shares were sold by JENNESS JAMES M, worth $4.97 million on Monday, May 8. Shares for $352,140 were sold by DILLON JOHN T. On Wednesday, June 14 the insider KELLOGG W K FOUNDATION TRUST sold $1.85 million.

The chart of Kellogg Company (K) shows a double bottom with $64.90 target or 5.00 % below today’s $68.32 share price. The 5 months chart pattern indicates high risk for the $23.58B company. It was reported on Sep, 17 by Finviz.com. If the $64.90 price target is reached, the company will be worth $1.18B less. Double bottoms are rare but powerful chart patterns.

The stock increased 1.04% or $0.7 on September 15, reaching $68.32. About 2.58 million shares traded or 17.27% up from the average. Kellogg Company (NYSE:K) has declined 5.60% since September 17, 2016 and is downtrending. It has underperformed by 22.30% the S&P500.

Analysts await Kellogg Company (NYSE:K) to report earnings on November, 7. They expect $0.94 earnings per share, down 2.08 % or $0.02 from last year’s $0.96 per share. K’s profit will be $324.43M for 18.17 P/E if the $0.94 EPS becomes a reality. After $0.97 actual earnings per share reported by Kellogg Company for the previous quarter, Wall Street now forecasts -3.09 % negative EPS growth.

Kellogg Company (NYSE:K) Ratings Coverage

Among 21 analysts covering Kellogg Company (NYSE:K), 9 have Buy rating, 1 Sell and 11 Hold. Therefore 43% are positive. Kellogg Company had 49 analyst reports since August 5, 2015 according to SRatingsIntel. The rating was upgraded by Credit Suisse on Monday, November 23 to “Outperform”. Susquehanna maintained Kellogg Company (NYSE:K) rating on Wednesday, June 14. Susquehanna has “Hold” rating and $7800 target. As per Monday, August 7, the company rating was maintained by Piper Jaffray. The rating was initiated by Deutsche Bank with “Hold” on Wednesday, February 15. JP Morgan upgraded Kellogg Company (NYSE:K) on Friday, August 4 to “Overweight” rating. The firm earned “Neutral” rating on Wednesday, December 7 by Credit Suisse. The firm earned “Sector Perform” rating on Friday, August 5 by RBC Capital Markets. The stock of Kellogg Company (NYSE:K) earned “Hold” rating by Zacks on Wednesday, August 5. The firm earned “Neutral” rating on Wednesday, April 26 by RBC Capital Markets. The firm has “Neutral” rating by Susquehanna given on Monday, October 26.

More notable recent Kellogg Company (NYSE:K) news were published by: Prnewswire.com which released: “Kellogg Company Selected for Dow Jones Sustainability Index” on September 12, 2017, also Seekingalpha.com with their article: “Is Kellogg Still A Widow And Orphan Stock?” published on September 11, 2017, Nasdaq.com published: “Kellogg Company (K) Ex-Dividend Date Scheduled for August 30, 2017” on August 29, 2017. More interesting news about Kellogg Company (NYSE:K) were released by: Cnbc.com and their article: “Cereal giant the Kellogg Company among latest big businesses to join group …” published on September 13, 2017 as well as Mlive.com‘s news article titled: “Kellogg Co. to provide $100000 in disaster relief for Houston” with publication date: August 29, 2017.

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