Brokerages Expect Kellogg (K) Will Post Quarterly Sales of $3.41 Billion

Equities analysts expect Kellogg (NYSE:K) to report sales of $3.41 billion for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Kellogg’s earnings, with estimates ranging from $3.39 billion to $3.43 billion. Kellogg reported sales of $3.27 billion during the same quarter last year, which would suggest a positive year over year growth rate of 4.3%. The firm is expected to report its next quarterly earnings results before the market opens on Wednesday, October 31st.

On average, analysts expect that Kellogg will report full-year sales of $13.53 billion for the current fiscal year, with estimates ranging from $13.49 billion to $13.55 billion. For the next year, analysts anticipate that the business will post sales of $13.82 billion, with estimates ranging from $13.71 billion to $13.94 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Kellogg.

Kellogg (NYSE:K) last issued its quarterly earnings results on Thursday, August 2nd. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. The company had revenue of $3.36 billion during the quarter, compared to analyst estimates of $3.31 billion. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 EPS.



A number of equities research analysts have recently issued reports on the company. Buckingham Research upped their price target on Kellogg from $76.00 to $79.00 and gave the company a “buy” rating in a research report on Friday, July 20th. Morgan Stanley began coverage on Kellogg in a research report on Monday, September 17th. They issued an “equal weight” rating and a $75.00 price objective for the company. Zacks Investment Research cut Kellogg from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Credit Suisse Group increased their price target on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, August 9th. Finally, ValuEngine raised shares of Kellogg from a “hold” rating to a “buy” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $72.71.

NYSE:K traded down $0.76 during trading hours on Tuesday, hitting $69.79. 27,180 shares of the stock were exchanged, compared to its average volume of 2,537,463. Kellogg has a 52-week low of $56.40 and a 52-week high of $74.98. The company has a current ratio of 0.82, a quick ratio of 0.50 and a debt-to-equity ratio of 2.57. The firm has a market cap of $24.47 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 2.08 and a beta of 0.49.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Friday, November 30th. Kellogg’s dividend payout ratio (DPR) is 55.45%.

In other Kellogg news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $72.25, for a total value of $4,815,823.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total value of $14,292,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 636,655 shares of company stock valued at $45,829,574. 1.40% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in K. Dimensional Fund Advisors LP increased its position in shares of Kellogg by 3.3% in the first quarter. Dimensional Fund Advisors LP now owns 620,881 shares of the company’s stock worth $40,363,000 after acquiring an additional 20,079 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Kellogg by 113.2% during the 1st quarter. Allianz Asset Management GmbH now owns 6,812 shares of the company’s stock valued at $443,000 after purchasing an additional 58,391 shares during the period. LPL Financial LLC boosted its stake in Kellogg by 156.0% during the 1st quarter. LPL Financial LLC now owns 64,539 shares of the company’s stock valued at $4,196,000 after purchasing an additional 39,330 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Kellogg during the 1st quarter valued at about $647,000. Finally, Xact Kapitalforvaltning AB boosted its stake in Kellogg by 21.3% during the 1st quarter. Xact Kapitalforvaltning AB now owns 37,448 shares of the company’s stock valued at $2,434,000 after purchasing an additional 6,585 shares during the period. Hedge funds and other institutional investors own 89.05% 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. Morning Foods, U.S. Snacks, U.S. Specialty, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include cookies, crackers, savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, and veggie foods.

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