Kellogg (NYSE:K) – Investment analysts at Jefferies Financial Group cut their Q1 2022 earnings estimates for Kellogg in a report issued on Tuesday, January 12th. Jefferies Financial Group analyst R. Dickerson now expects that the company will post earnings of $1.02 per share for the quarter, down from their previous forecast of $1.03. Jefferies Financial Group currently has a “Hold” rating and a $65.00 price target on the stock.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.40 billion. Kellogg had a net margin of 8.80% and a return on equity of 41.23%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS.
K opened at $59.14 on Wednesday. The stock has a market capitalization of $20.33 billion, a P/E ratio of 17.09, a PEG ratio of 4.25 and a beta of 0.59. The company has a current ratio of 0.79, a quick ratio of 0.58 and a debt-to-equity ratio of 1.95. Kellogg has a 12-month low of $52.66 and a 12-month high of $72.88. The stock has a 50-day moving average price of $61.91 and a 200-day moving average price of $65.46.
Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Kellogg by 45.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 3,137,318 shares of the company’s stock valued at $207,252,000 after purchasing an additional 976,584 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Kellogg by 157.9% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,561,121 shares of the company’s stock valued at $100,833,000 after buying an additional 955,905 shares during the last quarter. BlackRock Inc. boosted its holdings in Kellogg by 4.2% in the third quarter. BlackRock Inc. now owns 23,257,472 shares of the company’s stock worth $1,502,200,000 after acquiring an additional 931,569 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Kellogg by 141.8% in the third quarter. Acadian Asset Management LLC now owns 762,351 shares of the company’s stock worth $49,243,000 after acquiring an additional 447,080 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Kellogg by 211.5% during the third quarter. DekaBank Deutsche Girozentrale now owns 390,919 shares of the company’s stock valued at $24,886,000 after acquiring an additional 265,430 shares in the last quarter. Hedge funds and other institutional investors own 79.81% of the company’s stock.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the stock in a transaction dated Monday, December 21st. The shares were sold at an average price of $60.94, for a total value of $5,078,373.96. Also, major shareholder Kellogg W. K. Foundation Trust sold 83,333 shares of the firm’s stock in a transaction dated Tuesday, November 10th. The stock was sold at an average price of $63.32, for a total transaction of $5,276,645.56. Over the last quarter, insiders sold 500,001 shares of company stock worth $31,438,400. Corporate insiders own 1.10% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st were given a $0.57 dividend. The ex-dividend date was Monday, November 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.86%. Kellogg’s dividend payout ratio is currently 57.87%.
Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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