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Kellogg Shares Trade up 6%, Surpassing Other Food Producers

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07/03/2019 | 12:28pm EDT

By Micah Maidenberg

Shares of Kellogg Co. (K) are shooting up in Wednesday trading, notching gains stronger than other packaged-food companies in a short session.

Kellogg's stock is up 6% midday to $56.64, more than triple the gains from General Mills, Hershey Co. (HSY) and Mondelez International.

The S&P 500 Packaged Foods & Meat index is up 1.9%, according to FactSet, while the broader benchmark S&P 500 is up 0.6%.

Kellogg's gains so far Wednesday have almost erased the stock's year-to-date decline.

It is unclear what is driving investor sentiment toward the Battle Creek, Mich.-based company, which has reported challenges in its cereal business and was dinged by a recall of its snack-bar brand during its first quarter.

On Tuesday, a columnist writing for MarketWatch, a sister publication of The Wall Street Journal, made a case for Kellogg pursuing an initial public offering for its MorningStar Farms brand. Sara Young, a top executive overseeing Kellogg's MorningStar Farms brand, told Brett Arends in the column said she was unaware of any plans by the company to spin off the business in a public offering.

Alternative meat has been an investor darling of late, with Beyond Meat shares soaring since its offering in May. Shares of Beyond are up about 1% on Wednesday.

Ms. Young also told MarketWatch that MorningStar serves more than 90 million pounds of food to consumers each year.

MarketWatch, in its report, estimated that the MorningStar brand generates about $450 million in sales annually.

"MorningStar Farms went through a bit of an overhaul a couple of years ago in portfolio, in packaging, and in food, and it's now focused on what it does best, grilling items," Kellogg CEO Steven Cahillane said at an investor conference in February.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT INC -0.18% 144.51 Delayed Quote.0.00%
DJ INDUSTRIAL 0.96% 26135.79 Delayed Quote.12.04%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 0.11% 135.825 End-of-day quote.-9.59%
GENERAL MILLS 0.33% 55.2 Delayed Quote.41.76%
KELLOGG 1.02% 64.43 Delayed Quote.11.88%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.05% 100.15 End-of-day quote.-19.93%
LONDON SUGAR -1.37% 310.3 End-of-day quote.-7.10%
MONDELEZ INTERNATIONAL 0.04% 54.56 Delayed Quote.36.30%
NASDAQ 100 1.52% 7719.323313 Delayed Quote.20.13%
NASDAQ COMP. 1.35% 8002.812313 Delayed Quote.19.00%
S&P 500 1.21% 2923.65 Delayed Quote.15.23%
THE HERSHEY COMPANY 1.50% 157.77 Delayed Quote.47.20%
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Financials (USD)
Sales 2019 13 484 M
EBIT 2019 1 792 M
Net income 2019 1 173 M
Debt 2019 7 813 M
Yield 2019 3,55%
P/E ratio 2019 19,1x
P/E ratio 2020 16,0x
EV / Sales2019 2,21x
EV / Sales2020 2,24x
Capitalization 21 947 M
Duration : Period :
Kellogg Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends KELLOGG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 21
Average target price 63,52  $
Last Close Price 64,43  $
Spread / Highest target 21,1%
Spread / Average Target -1,41%
Spread / Lowest Target -25,5%
EPS Revisions
Steven A. Cahillane Chairman & Chief Executive Officer
Fareed A. Khan Chief Financial Officer & Senior Vice President
James M. M. Jenness Director
Donald R. Knauss Lead Independent Director
Mary A. Laschinger Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
KELLOGG11.88%21 947
NESTLÉ S.A.35.04%317 518
DANONE30.94%57 577
GENERAL MILLS41.76%33 204