Kellogg (NYSE:K) Expected to Post Quarterly Sales of $3.36 Billion

Analysts predict that Kellogg (NYSE:K) will report sales of $3.36 billion for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Kellogg’s earnings, with the lowest sales estimate coming in at $3.32 billion and the highest estimate coming in at $3.41 billion. Kellogg posted sales of $3.47 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 3.2%. The company is expected to issue its next quarterly earnings report on Wednesday, October 30th.

According to Zacks, analysts expect that Kellogg will report full-year sales of $13.54 billion for the current year, with estimates ranging from $13.46 billion to $13.63 billion. For the next financial year, analysts forecast that the company will report sales of $13.31 billion, with estimates ranging from $13.12 billion to $13.56 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Kellogg.

Kellogg (NYSE:K) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.08. The firm had revenue of $3.52 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Kellogg had a return on equity of 41.91% and a net margin of 6.28%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 EPS.



K has been the topic of several research analyst reports. Buckingham Research increased their price target on Kellogg from $67.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Guggenheim increased their price target on Kellogg from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. GMP Securities reissued a “buy” rating on shares of Kellogg in a report on Thursday, July 11th. Morgan Stanley increased their price target on Kellogg from $56.00 to $65.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity reissued an “average” rating on shares of Kellogg in a report on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.47.

Shares of NYSE K traded down $0.62 during midday trading on Monday, hitting $63.25. 2,510,874 shares of the stock traded hands, compared to its average volume of 3,041,742. The firm has a 50-day moving average of $59.44 and a two-hundred day moving average of $57.12. The firm has a market capitalization of $21.57 billion, a P/E ratio of 14.61, a PEG ratio of 3.62 and a beta of 0.61. The company has a debt-to-equity ratio of 2.67, a quick ratio of 0.46 and a current ratio of 0.70. Kellogg has a one year low of $51.34 and a one year high of $74.98.

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

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $54.95, for a total value of $5,495,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 600,000 shares of company stock valued at $34,578,000 over the last 90 days. 0.09% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Kellogg by 27.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,433,186 shares of the company’s stock valued at $81,709,000 after purchasing an additional 311,940 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Kellogg by 11.6% during the 4th 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. Mercer Global Advisors Inc. ADV bought a new position in shares of Kellogg during the 1st quarter valued at about $373,000. Wedbush Securities Inc. lifted its holdings in shares of Kellogg by 31.3% during the 1st quarter. Wedbush Securities Inc. now owns 12,470 shares of the company’s stock valued at $716,000 after purchasing an additional 2,972 shares in the last quarter. Finally, IFM Investors Pty Ltd lifted its holdings in shares of Kellogg by 17.2% during the 1st quarter. IFM Investors Pty Ltd now owns 17,647 shares of the company’s stock valued at $1,013,000 after purchasing an additional 2,593 shares in the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.

About Kellogg

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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