Kellogg (NYSE:K) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Kellogg (NYSE:K) issued its quarterly earnings results on Thursday. The company reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $3.52 billion during the quarter, compared to the consensus estimate of $3.41 billion. During the same period last year, the company earned $1.14 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Kellogg updated its FY 2019 guidance to $3.85-3.89 EPS.

Kellogg stock traded down $0.23 during midday trading on Friday, reaching $63.40. The company’s stock had a trading volume of 3,324,033 shares, compared to its average volume of 3,039,841. The company has a market capitalization of $21.67 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 3.66 and a beta of 0.61. The company has a quick ratio of 0.41, a current ratio of 0.70 and a debt-to-equity ratio of 2.67. Kellogg has a fifty-two week low of $51.34 and a fifty-two week high of $74.98. The company’s 50 day simple moving average is $56.21.

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

Several equities research analysts recently weighed in on the company. Guggenheim increased their price target on Kellogg from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday. Morgan Stanley raised their target price on Kellogg from $56.00 to $65.00 and gave the company an “equal weight” rating in a report on Friday. GMP Securities reissued a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating and set a $67.00 target price for the company. in a report on Friday. Finally, Canaccord Genuity reissued an “average” rating on shares of Kellogg in a report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $63.31.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of Kellogg stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $56.28, for a total transaction of $5,628,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 600,000 shares of company stock valued at $33,544,000 in the last ninety days. Corporate insiders own 0.09% of the company’s stock.

Several large investors have recently added to or reduced their stakes in K. Coastal Investment Advisors Inc. raised its stake in shares of Kellogg by 117.4% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock worth $30,000 after buying an additional 304 shares during the last quarter. Penserra Capital Management LLC purchased a new stake in Kellogg during the 1st quarter worth about $40,000. AGF Investments LLC increased its position in Kellogg by 39.4% during the 2nd quarter. AGF Investments LLC now owns 828 shares of the company’s stock worth $44,000 after purchasing an additional 234 shares in the last quarter. Acima Private Wealth LLC increased its position in Kellogg by 90.6% during the 1st quarter. Acima Private Wealth LLC now owns 852 shares of the company’s stock worth $49,000 after purchasing an additional 405 shares in the last quarter. Finally, Farmers National Bank purchased a new stake in Kellogg during the 1st quarter worth about $78,000. 87.33% of the stock is owned by institutional investors and hedge funds.

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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