Wall Street brokerages forecast that Kellogg Company (NYSE:K) will report sales of $3.21 billion for the current quarter, according to Zacks. Four analysts have provided estimates for Kellogg’s earnings, with the highest sales estimate coming in at $3.26 billion and the lowest estimate coming in at $3.13 billion. Kellogg posted sales of $3.25 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 1.2%. The company is expected to issue its next earnings results before the market opens on Tuesday, October 31st.
According to Zacks, analysts expect that Kellogg will report full-year sales of $3.21 billion for the current fiscal year, with estimates ranging from $12.59 billion to $12.83 billion. For the next fiscal year, analysts anticipate that the company will report sales of $12.71 billion per share, with estimates ranging from $12.47 billion to $12.95 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Kellogg.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the company posted $0.91 EPS. The company’s revenue for the quarter was down 2.5% on a year-over-year basis.
Several research analysts have weighed in on K shares. Zacks Investment Research lowered shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the stock a “buy” rating in a research report on Monday, August 7th. BMO Capital Markets restated a “hold” rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th. Morgan Stanley restated an “equal weight” rating and set a $69.00 target price (down from $74.00) on shares of Kellogg in a research report on Tuesday, July 18th. Finally, BidaskClub lowered shares of Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $74.50.
Kellogg (NYSE K) traded down 0.48% during midday trading on Thursday, hitting $62.40. 3,205,758 shares of the stock traded hands. The company has a market cap of $21.54 billion, a P/E ratio of 28.25 and a beta of 0.48. Kellogg has a one year low of $61.70 and a one year high of $78.37. The company’s 50 day moving average is $66.05 and its 200-day moving average is $69.41.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is 97.74%.
TRADEMARK VIOLATION WARNING: “Kellogg Company (K) Expected to Post Quarterly Sales of $3.21 Billion” was reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this report on another site, it was illegally copied and republished in violation of US and international copyright and trademark legislation. The correct version of this report can be viewed at https://ledgergazette.com/2017/10/08/kellogg-company-k-expected-to-post-quarterly-sales-of-3-21-billion.html.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Lazard Asset Management LLC lifted its holdings in shares of Kellogg by 94.3% in the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after purchasing an additional 3,807,425 shares in the last quarter. Invictus RG purchased a new stake in shares of Kellogg in the first quarter valued at about $458,000. Cim Investment Mangement Inc. purchased a new stake in shares of Kellogg in the second quarter valued at about $563,000. Pacer Advisors Inc. lifted its holdings in shares of Kellogg by 157.0% in the second quarter. Pacer Advisors Inc. now owns 13,675 shares of the company’s stock valued at $950,000 after purchasing an additional 8,353 shares in the last quarter. Finally, CIBC World Markets Inc. lifted its holdings in shares of Kellogg by 29.1% in the second quarter. CIBC World Markets Inc. now owns 33,225 shares of the company’s stock valued at $2,308,000 after purchasing an additional 7,487 shares in the last quarter. 85.40% of the stock is currently owned by institutional investors.
Kellogg Company Profile
Kellogg Company is a manufacturer 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.