Wall Street brokerages expect Kellogg (NYSE:K) to report $3.30 billion in sales for the current quarter, according to Zacks. Six analysts have made estimates for Kellogg’s earnings, with estimates ranging from $3.26 billion to $3.34 billion. Kellogg posted sales of $3.19 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 3.4%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 2nd.
On average, analysts expect that Kellogg will report full year sales of $13.46 billion for the current fiscal year, with estimates ranging from $13.38 billion to $13.54 billion. For the next financial year, analysts forecast that the company will post sales of $13.75 billion per share, with estimates ranging from $13.60 billion to $13.87 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Kellogg.
Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, May 3rd. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.30 billion. Kellogg had a return on equity of 67.81% and a net margin of 11.10%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.06 EPS.
A number of equities analysts have issued reports on K shares. Zacks Investment Research upgraded Kellogg from a “hold” rating to a “buy” rating and set a $77.00 price target for the company in a research note on Friday, March 16th. Pivotal Research reiterated a “buy” rating and set a $90.00 price target on shares of Kellogg in a research note on Thursday, May 3rd. Stifel Nicolaus cut their price target on Kellogg from $66.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, May 4th. Morgan Stanley cut their price target on Kellogg from $70.00 to $65.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 18th. Finally, Credit Suisse Group set a $63.00 price target on Kellogg and gave the company a “hold” rating in a research note on Monday, April 16th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $71.28.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 175,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $61.37, for a total value of $10,739,750.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Fareed A. Khan acquired 8,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 22nd. The stock was purchased at an average price of $61.78 per share, for a total transaction of $499,182.40. Following the purchase, the chief financial officer now owns 8,080 shares of the company’s stock, valued at approximately $499,182.40. The disclosure for this purchase can be found here. Insiders sold a total of 786,992 shares of company stock worth $51,169,290 in the last 90 days. Company insiders own 1.40% of the company’s stock.
A number of institutional investors have recently bought and sold shares of K. Covington Capital Management raised its holdings in Kellogg by 3,815.0% during the 4th quarter. Covington Capital Management now owns 3,915 shares of the company’s stock valued at $266,000 after acquiring an additional 3,815 shares during the period. Sun Life Financial INC raised its holdings in Kellogg by 73.4% during the 4th quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock valued at $1,617,000 after acquiring an additional 10,069 shares during the period. Koch Industries Inc. raised its holdings in Kellogg by 125.3% during the 4th quarter. Koch Industries Inc. now owns 13,200 shares of the company’s stock valued at $897,000 after acquiring an additional 7,342 shares during the period. Paloma Partners Management Co raised its holdings in Kellogg by 16.9% during the 4th quarter. Paloma Partners Management Co now owns 30,970 shares of the company’s stock valued at $2,106,000 after acquiring an additional 4,473 shares during the period. Finally, OLD Mutual Customised Solutions Proprietary Ltd. raised its holdings in Kellogg by 54.5% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,884 shares of the company’s stock valued at $944,000 after acquiring an additional 4,900 shares during the period. Institutional investors and hedge funds own 88.84% of the company’s stock.
Kellogg traded up $0.20, reaching $69.87, during mid-day trading on Monday, MarketBeat Ratings reports. 2,226,237 shares of the company traded hands, compared to its average volume of 3,068,638. The company has a market capitalization of $24.16 billion, a P/E ratio of 17.29, a price-to-earnings-growth ratio of 2.13 and a beta of 0.51. The company has a debt-to-equity ratio of 3.09, a quick ratio of 0.47 and a current ratio of 0.74. Kellogg has a fifty-two week low of $56.40 and a fifty-two week high of $71.65.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were paid a $0.54 dividend. The ex-dividend date was Thursday, May 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.09%. Kellogg’s payout ratio is presently 53.47%.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.
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