Zacks: Brokerages Anticipate Kellogg (NYSE:K) to Post $1.03 EPS

Wall Street brokerages expect Kellogg (NYSE:K) to post $1.03 earnings per share for the current quarter, according to Zacks. Six analysts have issued estimates for Kellogg’s earnings, with estimates ranging from $0.98 to $1.08. Kellogg reported earnings per share of $1.24 in the same quarter last year, which suggests a negative year over year growth rate of 16.9%. The company is expected to announce its next earnings report on Thursday, July 29th.

On average, analysts expect that Kellogg will report full year earnings of $4.09 per share for the current financial year, with EPS estimates ranging from $3.96 to $4.16. For the next financial year, analysts expect that the company will post earnings of $4.24 per share, with EPS estimates ranging from $3.96 to $4.42. Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Kellogg.

Kellogg (NYSE:K) last posted its earnings results on Thursday, May 6th. The company reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.15. Kellogg had a return on equity of 39.78% and a net margin of 9.12%. The company had revenue of $3.58 billion during the quarter, compared to analyst estimates of $3.38 billion. During the same period in the prior year, the company earned $0.99 earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year.

K has been the subject of several recent research reports. BMO Capital Markets upped their price target on shares of Kellogg from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, May 7th. SVB Leerink restated a “buy” rating on shares of Kellogg in a research report on Thursday, May 13th. Deutsche Bank Aktiengesellschaft reduced their price objective on Kellogg from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, April 28th. Morgan Stanley raised their target price on Kellogg from $60.00 to $66.00 and gave the company an “equal weight” rating in a research report on Friday, May 7th. Finally, Citigroup reduced their price target on Kellogg from $75.00 to $72.00 in a research report on Tuesday, February 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $67.92.

NYSE K traded up $0.50 during trading hours on Thursday, hitting $65.30. The company had a trading volume of 1,624,395 shares, compared to its average volume of 3,164,715. The company has a current ratio of 0.68, a quick ratio of 0.43 and a debt-to-equity ratio of 1.82. The company has a market cap of $22.23 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 3.61 and a beta of 0.65. Kellogg has a fifty-two week low of $56.61 and a fifty-two week high of $72.88. The business has a fifty day moving average of $64.78.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st will be given a $0.58 dividend. The ex-dividend date of this dividend is Friday, May 28th. This is a boost from Kellogg’s previous quarterly dividend of $0.57. This represents a $2.32 annualized dividend and a yield of 3.55%. Kellogg’s payout ratio is 58.15%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 83,333 shares of the company’s stock in a transaction on Monday, April 12th. The stock was sold at an average price of $63.22, for a total transaction of $5,268,312.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Christopher M. Hood sold 3,000 shares of the stock in a transaction on Monday, May 10th. The shares were sold at an average price of $67.15, for a total value of $201,450.00. Following the completion of the transaction, the senior vice president now owns 31,729 shares of the company’s stock, valued at approximately $2,130,602.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 419,668 shares of company stock valued at $27,129,035. Insiders own 1.20% of the company’s stock.

A number of hedge funds have recently bought and sold shares of K. BlackRock Inc. raised its stake in Kellogg by 5.9% during the 1st quarter. BlackRock Inc. now owns 24,415,240 shares of the company’s stock valued at $1,545,486,000 after purchasing an additional 1,359,123 shares during the period. Geode Capital Management LLC grew its holdings in shares of Kellogg by 2.6% during the first quarter. Geode Capital Management LLC now owns 4,205,881 shares of the company’s stock valued at $265,489,000 after buying an additional 106,653 shares in the last quarter. Beutel Goodman & Co Ltd. raised its position in Kellogg by 22.0% during the fourth quarter. Beutel Goodman & Co Ltd. now owns 3,751,647 shares of the company’s stock valued at $233,464,000 after buying an additional 677,403 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Kellogg by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,651,036 shares of the company’s stock worth $227,204,000 after acquiring an additional 354,082 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Kellogg by 66.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,420,279 shares of the company’s stock worth $216,504,000 after acquiring an additional 1,369,552 shares during the period. 86.28% of the stock is owned by institutional investors.

Kellogg Company Profile

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 and bites, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Earnings History and Estimates for Kellogg (NYSE:K)

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