$3.42 Billion in Sales Expected for Kellogg (K) This Quarter

Wall Street analysts predict that Kellogg (NYSE:K) will post sales of $3.42 billion for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Kellogg’s earnings. The highest sales estimate is $3.44 billion and the lowest is $3.39 billion. Kellogg posted sales of $3.27 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 4.6%. The business is scheduled to report its next quarterly earnings results before the market opens on Wednesday, October 31st.

According to Zacks, analysts expect that Kellogg will report full year sales of $13.53 billion for the current financial year, with estimates ranging from $13.50 billion to $13.56 billion. For the next fiscal year, analysts forecast that the company will post sales of $13.83 billion, with estimates ranging from $13.73 billion to $13.94 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Kellogg.

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

A number of brokerages have weighed in on K. Morgan Stanley began coverage on Kellogg in a report on Monday, September 17th. They issued an “equal weight” rating and a $75.00 target price for the company. Wells Fargo & Co reiterated a “hold” rating and issued a $67.00 target price (up from $62.00) on shares of Kellogg in a report on Sunday, August 5th. Credit Suisse Group lifted their target price on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, August 9th. Buckingham Research lifted their target price on Kellogg from $79.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Finally, ValuEngine upgraded Kellogg from a “sell” rating to a “hold” rating in a report on Tuesday, June 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $72.76.

In other Kellogg news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the business’s stock in a transaction 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 document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the business’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $74.61, for a total value of $16,041,150.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 636,655 shares of company stock worth $45,829,574. Corporate insiders own 1.40% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. LFA Lugano Financial Advisors SA bought a new stake in shares of Kellogg during the 2nd quarter valued at $103,000. Integrated Investment Consultants LLC bought a new stake in shares of Kellogg during the 2nd quarter valued at $110,000. CSat Investment Advisory L.P. bought a new stake in shares of Kellogg during the 2nd quarter valued at $127,000. Fort L.P. bought a new stake in shares of Kellogg during the 2nd quarter valued at $127,000. Finally, Kiley Juergens Wealth Management LLC grew its position in Kellogg by 57.7% during the third quarter. Kiley Juergens Wealth Management LLC now owns 2,127 shares of the company’s stock worth $148,000 after buying an additional 778 shares in the last quarter. Institutional investors own 88.95% of the company’s stock.

K stock traded up $0.33 during mid-day trading on Friday, reaching $67.95. The company’s stock had a trading volume of 1,647,444 shares, compared to its average volume of 2,557,058. The company has a market cap of $24.27 billion, a P/E ratio of 16.82, a PEG ratio of 2.03 and a beta of 0.49. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.50 and a current ratio of 0.82. Kellogg has a 12 month low of $56.40 and a 12 month high of $74.98.

The company also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Tuesday, September 4th were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.54. This represents a $2.24 annualized dividend and a dividend yield of 3.30%. Kellogg’s payout ratio is presently 55.45%.

About Kellogg

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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