Kellogg (NYSE:K) Posts Earnings Results, Beats Estimates By $0.08 EPS

Kellogg (NYSE:K) released its quarterly earnings results on Thursday. The company reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.08, Morningstar.com reports. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The business had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the previous year, the business posted $1.14 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Kellogg updated its FY 2019 guidance to $3.85-3.89 EPS.

NYSE K traded down $0.23 during trading on Friday, hitting $63.40. The stock had a trading volume of 3,324,033 shares, compared to its average volume of 3,039,841. The firm has a market cap of $21.67 billion, a P/E ratio of 14.64, a PEG ratio of 3.66 and a beta of 0.61. The company has a 50-day moving average price of $56.21. The company has a debt-to-equity ratio of 2.67, a current ratio of 0.70 and a quick ratio of 0.41. Kellogg has a 12 month low of $51.34 and a 12 month high of $74.98.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a $0.57 dividend. This is a boost from Kellogg’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, August 30th. This represents a $2.28 annualized dividend and a yield of 3.60%. Kellogg’s payout ratio is presently 51.73%.

A number of brokerages recently commented on K. Zacks Investment Research lowered Kellogg from a “hold” rating to a “sell” rating and set a $67.00 price objective for the company. in a research report on Friday. Guggenheim lifted their price objective on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday. Canaccord Genuity reiterated an “average” rating on shares of Kellogg in a research report on Tuesday, June 25th. ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Morgan Stanley lifted their price objective on Kellogg from $56.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. Kellogg has an average rating of “Hold” and a consensus price target of $63.31.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $56.58, for a total transaction of $5,658,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 600,000 shares of company stock worth $33,544,000. Company insiders own 0.09% of the company’s stock.

Several institutional investors have recently made changes to their positions in K. Beutel Goodman & Co Ltd. raised its position in Kellogg by 13.5% in the first quarter. Beutel Goodman & Co Ltd. now owns 3,894,578 shares of the company’s stock valued at $167,224,000 after purchasing an additional 462,398 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Kellogg by 11.6% in the fourth quarter. Geode Capital Management LLC now owns 3,517,033 shares of the company’s stock valued at $200,178,000 after purchasing an additional 364,719 shares in the last quarter. Northern Trust Corp grew its position in shares of Kellogg by 1.3% in the first quarter. Northern Trust Corp now owns 3,460,612 shares of the company’s stock valued at $198,570,000 after purchasing an additional 45,977 shares in the last quarter. Ceredex Value Advisors LLC grew its position in shares of Kellogg by 37.1% in the first quarter. Ceredex Value Advisors LLC now owns 2,849,219 shares of the company’s stock valued at $163,488,000 after purchasing an additional 771,375 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Kellogg in the fourth quarter valued at $131,475,000. Institutional investors own 87.33% of the company’s stock.

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 for Kellogg (NYSE:K)

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