Jefferies Financial Group Weighs in on Kellogg’s Q1 2022 Earnings (NYSE:K)
Kellogg (NYSE:K) – Research analysts at Jefferies Financial Group cut their Q1 2022 earnings estimates for shares of Kellogg in a note issued to investors on Tuesday, January 12th. Jefferies Financial Group analyst R. Dickerson now expects that the company will post earnings per share of $1.02 for the quarter, down from their prior estimate of $1.03. Jefferies Financial Group currently has a “Hold” rating and a $65.00 price target on the stock.
Other analysts have also recently issued research reports about the company. Piper Sandler cut Kellogg from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $76.00 to $66.00 in a research report on Tuesday, January 5th. Credit Suisse Group lowered Kellogg from an “outperform” rating to a “neutral” rating and cut their target price for the company from $77.00 to $68.00 in a report on Monday, November 23rd. Finally, BidaskClub cut shares of Kellogg from a “hold” rating to a “sell” rating in a research note on Saturday, January 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $69.21.
Kellogg (NYSE:K) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. Kellogg had a net margin of 8.80% and a return on equity of 41.23%. The firm had revenue of $3.43 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the previous year, the company posted $1.03 earnings per share. The firm’s revenue was up 1.7% on a year-over-year basis.
Several institutional investors and hedge funds have recently modified their holdings of the company. IFM Investors Pty Ltd increased its position in shares of Kellogg by 18.8% during the 4th quarter. IFM Investors Pty Ltd now owns 24,827 shares of the company’s stock worth $1,545,000 after purchasing an additional 3,934 shares in the last quarter. Sowell Financial Services LLC grew its stake in Kellogg by 4.4% during the fourth quarter. Sowell Financial Services LLC now owns 5,421 shares of the company’s stock worth $337,000 after buying an additional 229 shares during the last quarter. Symphony Financial Ltd. Co. acquired a new stake in shares of Kellogg during the fourth quarter worth approximately $239,000. Brookstone Capital Management raised its stake in shares of Kellogg by 5.6% in the fourth quarter. Brookstone Capital Management now owns 43,926 shares of the company’s stock valued at $2,734,000 after acquiring an additional 2,324 shares during the last quarter. Finally, Murphy Middleton Hinkle & Parker Inc. boosted its holdings in shares of Kellogg by 4.5% in the 4th quarter. Murphy Middleton Hinkle & Parker Inc. now owns 6,976 shares of the company’s stock worth $434,000 after acquiring an additional 301 shares in the last quarter. 79.81% of the stock is owned by institutional investors and hedge funds.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of Kellogg stock in a transaction dated Monday, December 21st. The shares were sold at an average price of $60.94, for a total transaction 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. Insiders have sold a total of 500,001 shares of company stock worth $31,438,400 in the last three months. 1.10% of the stock is owned by insiders.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st were given a $0.57 dividend. The ex-dividend date of this dividend 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 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, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.
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