Kellogg (NYSE:K) Releases Quarterly Earnings Results, Beats Expectations By $0.30 EPS

Kellogg (NYSE:K) announced its quarterly earnings data on Thursday. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.30, Bloomberg Earnings reports. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Kellogg had a return on equity of 43.36% and a net margin of 8.09%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $1.01 earnings per share. Kellogg updated its FY 2020
Pre-Market guidance to 3.96-3.96 EPS.

Shares of K stock traded down $1.60 during mid-day trading on Friday, hitting $68.99. 5,541,573 shares of the stock were exchanged, compared to its average volume of 1,810,313. The stock’s fifty day simple moving average is $66.92 and its two-hundred day simple moving average is $65.16. The stock has a market capitalization of $23.64 billion, a price-to-earnings ratio of 21.76, a P/E/G ratio of 4.55 and a beta of 0.57. Kellogg has a 12-month low of $52.66 and a 12-month high of $72.88. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.55 and a current ratio of 0.77.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Monday, August 31st. Kellogg’s payout ratio is 57.87%.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $66.72, for a total transaction of $6,672,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 400,000 shares of company stock worth $26,766,000. Corporate insiders own 1.10% of the company’s stock.

K has been the topic of several analyst reports. Goldman Sachs Group cut Kellogg from a “buy” rating to a “neutral” rating and increased their price objective for the company from $71.00 to $73.00 in a research note on Thursday. Consumer Edge raised Kellogg from an “underweight” rating to an “equal weight” rating and set a $65.00 target price on the stock in a report on Friday, May 1st. Royal Bank of Canada reissued a “hold” rating and issued a $69.00 target price on shares of Kellogg in a report on Tuesday, July 28th. Seaport Global Securities started coverage on Kellogg in a report on Tuesday, July 28th. They issued a “buy” rating and a $76.00 target price on the stock. Finally, Sanford C. Bernstein lowered Kellogg from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $64.00 to $55.00 in a report on Thursday, June 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $70.24.

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 for Kellogg (NYSE:K)

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