Zacks: Analysts Expect Kellogg Company (K) Will Post Quarterly Sales of $3.22 Billion
Wall Street analysts expect Kellogg Company (NYSE:K) to announce sales of $3.22 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Kellogg’s earnings. The lowest sales estimate is $3.17 billion and the highest is $3.26 billion. Kellogg posted sales of $3.25 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 0.9%. The business is scheduled to report its next earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Kellogg will report full year sales of $3.22 billion for the current financial year, with estimates ranging from $12.59 billion to $12.84 billion. For the next year, analysts forecast that the company will report sales of $12.72 billion per share, with estimates ranging from $12.51 billion to $12.93 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Kellogg.
Kellogg (NYSE:K) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.05. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS.
Several research firms recently weighed in on K. BidaskClub downgraded shares of Kellogg from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Susquehanna Bancshares Inc set a $78.00 price target on shares of Kellogg and gave the stock a “hold” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada reduced their price target on shares of Kellogg from $84.00 to $81.00 and set a “sector perform” rating for the company in a research report on Friday, May 5th. UBS AG reduced their price target on shares of Kellogg from $81.00 to $76.00 and set a “neutral” rating for the company in a research report on Friday, May 5th. Finally, Deutsche Bank AG restated a “hold” rating and set a $74.00 price target (up previously from $71.00) on shares of Kellogg in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $74.50.
In other news, Director John T. Dillon sold 4,900 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total value of $352,163.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total transaction of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently bought and sold shares of K. Vanguard Group Inc. boosted its stake in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock valued at $1,472,094,000 after buying an additional 1,248,613 shares during the period. BlackRock Inc. boosted its stake in Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock valued at $1,464,385,000 after buying an additional 19,484,390 shares during the period. State Street Corp boosted its stake in Kellogg by 1.4% in the first quarter. State Street Corp now owns 11,534,453 shares of the company’s stock valued at $837,528,000 after buying an additional 154,732 shares during the period. Lazard Asset Management LLC boosted its stake in Kellogg by 2.5% in the first quarter. Lazard Asset Management LLC now owns 4,039,520 shares of the company’s stock valued at $293,308,000 after buying an additional 97,233 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock valued at $229,273,000 after buying an additional 1,336,400 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.
Shares of Kellogg (NYSE:K) opened at 69.04 on Thursday. The company has a 50 day moving average price of $68.00 and a 200 day moving average price of $71.59. The stock has a market cap of $24.18 billion, a P/E ratio of 31.24 and a beta of 0.50. Kellogg has a 1-year low of $65.32 and a 1-year high of $84.28.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 3.13%. The ex-dividend date is Wednesday, August 30th. This is a boost from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio is currently 94.12%.
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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.
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