Zacks: Analysts Expect Kellogg Company (NYSE:K) Will Announce 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 released its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the company posted $0.91 EPS. Kellogg’s revenue for the quarter was down 2.5% on a year-over-year basis.
Several research firms have recently commented on K. UBS AG lowered their price objective on shares of Kellogg from $81.00 to $76.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Royal Bank Of Canada lowered their price objective on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 1st. J P Morgan Chase & Co upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $76.00 to $78.00 in a research note on Friday, August 4th. Susquehanna Bancshares Inc reiterated a “hold” rating on shares of Kellogg in a research note on Thursday, August 3rd. Finally, Piper Jaffray Companies set a $78.00 price objective on shares of Kellogg and gave the stock a “buy” rating in a research note on Monday. Two equities 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 stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $74.50.
Shares of Kellogg (NYSE K) opened at 69.04 on Thursday. Kellogg has a 1-year low of $65.32 and a 1-year high of $84.28. The company has a market cap of $24.18 billion, a price-to-earnings ratio of 31.24 and a beta of 0.50. The stock has a 50 day moving average price of $68.00 and a 200-day moving average price of $71.59.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a dividend of $0.54 per share. The ex-dividend date is Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a yield of 3.13%. Kellogg’s payout ratio is currently 94.12%.
In related news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the business’s stock in a transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Dillon sold 4,900 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Invictus RG purchased a new position in shares of Kellogg during the first quarter worth $458,000. Beutel Goodman & Co Ltd. increased its position in shares of Kellogg by 28.8% in the second quarter. Beutel Goodman & Co Ltd. now owns 2,757,435 shares of the company’s stock worth $147,525,000 after buying an additional 616,120 shares during the period. Vanguard Group Inc. increased its position in shares of Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after buying an additional 1,248,613 shares during the period. Cambridge Trust Co. increased its position in shares of Kellogg by 25.3% in the first quarter. Cambridge Trust Co. now owns 9,900 shares of the company’s stock worth $719,000 after buying an additional 2,000 shares during the period. Finally, Somerset Trust Co increased its position in shares of Kellogg by 2.9% in the second quarter. Somerset Trust Co now owns 16,037 shares of the company’s stock worth $1,114,000 after buying an additional 447 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
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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