Kellogg (NYSE:K) Expected to Post Quarterly Sales of $3.29 Billion

Analysts expect Kellogg (NYSE:K) to post $3.29 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Kellogg’s earnings. The highest sales estimate is $3.35 billion and the lowest is $3.25 billion. Kellogg posted sales of $3.52 billion during the same quarter last year, which suggests a negative year over year growth rate of 6.5%. The company is scheduled to report its next earnings results on Thursday, May 7th.

On average, analysts expect that Kellogg will report full year sales of $13.45 billion for the current financial year, with estimates ranging from $13.19 billion to $13.57 billion. For the next fiscal year, analysts anticipate that the business will post sales of $13.60 billion, with estimates ranging from $13.43 billion to $13.78 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Kellogg.

Kellogg (NYSE:K) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.05. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.18 billion. Kellogg had a return on equity of 41.84% and a net margin of 7.07%. Kellogg’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 EPS.

Several analysts have recently weighed in on the company. Evercore ISI reissued a “hold” rating and issued a $65.00 target price on shares of Kellogg in a report on Sunday, February 9th. BMO Capital Markets raised Kellogg from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $70.00 to $79.00 in a report on Thursday, January 9th. Zacks Investment Research downgraded Kellogg from a “hold” rating to a “sell” rating and set a $69.00 target price for the company. in a report on Tuesday, February 11th. Bank of America upgraded Kellogg from a “neutral” rating to a “buy” rating and boosted their price target for the company from $53.00 to $75.00 in a research report on Friday, December 20th. Finally, Credit Suisse Group upgraded Kellogg from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $60.00 to $78.00 in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $68.80.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.28, for a total value of $6,828,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven A. Cahillane bought 16,810 shares of Kellogg stock in a transaction that occurred on Monday, February 10th. The stock was bought at an average cost of $65.33 per share, for a total transaction of $1,098,197.30. Following the purchase, the chief executive officer now owns 50,565 shares in the company, valued at approximately $3,303,411.45. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 500,000 shares of company stock worth $33,891,000. Insiders own 0.09% of the company’s stock.

A number of hedge funds have recently bought and sold shares of K. Voya Investment Management LLC lifted its stake in shares of Kellogg by 733.1% during the 3rd quarter. Voya Investment Management LLC now owns 1,279,280 shares of the company’s stock worth $82,321,000 after purchasing an additional 1,125,723 shares during the period. Bessemer Group Inc. lifted its stake in shares of Kellogg by 61,009.5% during the 4th quarter. Bessemer Group Inc. now owns 802,979 shares of the company’s stock worth $55,534,000 after purchasing an additional 801,665 shares during the period. State Street Corp lifted its stake in shares of Kellogg by 5.9% during the 3rd quarter. State Street Corp now owns 12,963,660 shares of the company’s stock worth $834,212,000 after purchasing an additional 725,882 shares during the period. Capital Research Global Investors lifted its stake in shares of Kellogg by 9.6% during the 4th quarter. Capital Research Global Investors now owns 7,839,434 shares of the company’s stock worth $542,175,000 after purchasing an additional 687,254 shares during the period. Finally, Schwartz Investment Counsel Inc. purchased a new position in shares of Kellogg during the 4th quarter worth $35,617,000. 81.09% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Kellogg stock traded down $1.02 on Monday, hitting $64.50. The stock had a trading volume of 2,539,590 shares, compared to its average volume of 2,071,641. Kellogg has a 52-week low of $51.34 and a 52-week high of $71.05. The company has a current ratio of 0.72, a quick ratio of 0.46 and a debt-to-equity ratio of 2.30. The stock has a market cap of $22.35 billion, a price-to-earnings ratio of 23.04, a P/E/G ratio of 3.86 and a beta of 0.55. The company’s 50 day moving average price is $68.17 and its 200 day moving average price is $65.21.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Tuesday, March 3rd will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Monday, March 2nd. Kellogg’s dividend payout ratio is currently 57.87%.

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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