Kellogg (NYSE:K) Issues Earnings Results, Beats Expectations By $0.13 EPS

Kellogg (NYSE:KGet Rating) issued its earnings results on Thursday. The company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13, Briefing.com reports. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.64 billion. Kellogg had a return on equity of 33.77% and a net margin of 10.21%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.14 EPS. Kellogg updated its FY22 guidance to $4.24 EPS and its FY 2022 guidance to $4.12-$4.12 EPS.

Kellogg Stock Performance

Shares of Kellogg stock traded up $1.22 on Friday, reaching $75.04. 2,550,529 shares of the stock were exchanged, compared to its average volume of 2,382,826. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.28. Kellogg has a twelve month low of $59.54 and a twelve month high of $76.45. The firm has a market capitalization of $25.35 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 4.73 and a beta of 0.43. The business has a 50 day moving average price of $70.98 and a two-hundred day moving average price of $67.74.

Kellogg Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be issued a dividend of $0.59 per share. This is an increase from Kellogg’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.14%. Kellogg’s payout ratio is 53.58%.

Analyst Upgrades and Downgrades

K has been the subject of a number of analyst reports. StockNews.com raised Kellogg from a “hold” rating to a “buy” rating in a research report on Monday, May 9th. Piper Sandler cut Kellogg from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Citigroup lifted their target price on Kellogg from $83.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, June 22nd. Credit Suisse Group lifted their target price on Kellogg from $62.00 to $69.00 in a research note on Monday, May 9th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $67.00 target price (up from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Kellogg has an average rating of “Hold” and an average target price of $70.90.

Insider Buying and Selling

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $70.76, for a total transaction of $10,341,786.28. Following the completion of the transaction, the insider now directly owns 57,024,144 shares in the company, valued at $4,035,028,429.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 876,918 shares of company stock valued at $62,011,256 over the last quarter. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of Kellogg

A number of institutional investors and hedge funds have recently made changes to their positions in K. Cowa LLC acquired a new stake in shares of Kellogg in the first quarter worth approximately $33,000. Federated Hermes Inc. acquired a new position in shares of Kellogg in the first quarter valued at approximately $98,000. Covestor Ltd grew its holdings in shares of Kellogg by 35.5% in the first quarter. Covestor Ltd now owns 1,984 shares of the company’s stock valued at $128,000 after purchasing an additional 520 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Kellogg by 0.3% in the first quarter. International Assets Investment Management LLC now owns 51,858 shares of the company’s stock valued at $170,000 after purchasing an additional 159 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new position in Kellogg in the first quarter worth approximately $212,000. 84.34% of the stock is currently owned by hedge funds and other institutional investors.

Kellogg Company Profile

(Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

Further Reading

Earnings History for Kellogg (NYSE:K)

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