Kellogg (K) Expected to Announce Quarterly Sales of $3.43 Billion

Wall Street brokerages expect Kellogg (NYSE:K) to post $3.43 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Kellogg’s earnings, with the highest sales estimate coming in at $3.47 billion and the lowest estimate coming in at $3.40 billion. Kellogg reported sales of $3.36 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2.1%. The business is expected to report its next quarterly earnings report on Thursday, August 1st.

According to Zacks, analysts expect that Kellogg will report full-year sales of $13.54 billion for the current year, with estimates ranging from $13.42 billion to $13.90 billion. For the next fiscal year, analysts anticipate that the business will report sales of $13.39 billion, with estimates ranging from $13.10 billion to $14.15 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Kellogg.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, May 2nd. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. The business had revenue of $3.52 billion during the quarter, compared to analyst estimates of $3.53 billion. Kellogg had a net margin of 8.59% and a return on equity of 43.13%. The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 earnings per share.

A number of brokerages recently issued reports on K. Zacks Investment Research upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Wednesday, April 10th. ValuEngine upgraded shares of Kellogg from a “sell” rating to a “hold” rating in a research report on Saturday, May 11th. Piper Jaffray Companies decreased their target price on shares of Kellogg from $69.00 to $64.00 and set an “overweight” rating for the company in a research report on Friday, April 5th. Credit Suisse Group set a $54.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Saturday, February 9th. Finally, BMO Capital Markets decreased their target price on shares of Kellogg to $62.00 and set a “market perform” rating for the company in a research report on Friday, February 8th. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $62.98.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $54.44, for a total value of $5,444,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 600,000 shares of company stock valued at $33,851,000 over the last three months. 0.09% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of K. Bruderman Asset Management LLC lifted its stake in Kellogg by 275.0% during the fourth quarter. Bruderman Asset Management LLC now owns 435 shares of the company’s stock valued at $25,000 after buying an additional 319 shares in the last quarter. Acima Private Wealth LLC purchased a new stake in Kellogg during the fourth quarter valued at about $25,000. Murphy Pohlad Asset Management LLC purchased a new stake in Kellogg during the fourth quarter valued at about $28,000. ERTS Wealth Advisors LLC purchased a new stake in Kellogg during the fourth quarter valued at about $34,000. Finally, Capital Financial Planning LLC purchased a new stake in Kellogg during the fourth quarter valued at about $34,000. 88.75% of the stock is owned by institutional investors.

K traded down $0.53 on Monday, reaching $56.56. The company had a trading volume of 949,397 shares, compared to its average volume of 2,565,864. The firm has a market capitalization of $19.26 billion, a PE ratio of 13.06, a P/E/G ratio of 3.24 and a beta of 0.56. The company has a quick ratio of 0.41, a current ratio of 0.68 and a debt-to-equity ratio of 2.75. Kellogg has a one year low of $53.14 and a one year high of $74.98.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Monday, June 3rd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date of this dividend is Friday, May 31st. Kellogg’s payout ratio is 51.73%.

Kellogg Company Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, 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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