Kellogg (K) Releases Quarterly Earnings Results, Hits Expectations

Kellogg (NYSE:K) released its quarterly earnings data on Thursday. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96, Bloomberg Earnings reports. Kellogg had a return on equity of 70.35% and a net margin of 9.82%. The company had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same period last year, the firm posted $0.92 earnings per share. Kellogg’s revenue was up 3.6% compared to the same quarter last year.

Kellogg (K) traded up $1.35 during mid-day trading on Friday, reaching $67.33. The company’s stock had a trading volume of 4,205,213 shares, compared to its average volume of 3,130,000. Kellogg has a 52 week low of $58.76 and a 52 week high of $76.56. The company has a debt-to-equity ratio of 3.52, a quick ratio of 0.43 and a current ratio of 0.68. The company has a market capitalization of $23,710.00, a P/E ratio of 18.55, a price-to-earnings-growth ratio of 2.45 and a beta of 0.47.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 180,000 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $67.53, for a total value of $12,155,400.00. The disclosure for this sale can be found here. In the last three months, insiders sold 306,316 shares of company stock worth $20,381,841. 1.30% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Kellogg by 16.1% in the fourth quarter. BlackRock Inc. now owns 24,688,888 shares of the company’s stock worth $1,678,353,000 after buying an additional 3,421,334 shares during the period. American International Group Inc. raised its stake in shares of Kellogg by 6,576.3% in the fourth quarter. American International Group Inc. now owns 7,475,250 shares of the company’s stock worth $508,167,000 after buying an additional 7,363,283 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Kellogg by 1.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,240,837 shares of the company’s stock worth $288,290,000 after buying an additional 50,588 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Kellogg by 34.2% in the third quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock worth $251,883,000 after buying an additional 1,030,264 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Kellogg by 5.9% in the fourth quarter. American Century Companies Inc. now owns 3,236,189 shares of the company’s stock worth $219,996,000 after buying an additional 180,047 shares during the period. 89.92% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts recently commented on K shares. Morgan Stanley dropped their price objective on Kellogg from $70.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Friday, October 13th. Royal Bank of Canada reaffirmed a “hold” rating and set a $78.00 price objective on shares of Kellogg in a research report on Wednesday, October 25th. Credit Suisse Group dropped their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Piper Jaffray Companies set a $72.00 price objective on Kellogg and gave the company a “hold” rating in a research report on Tuesday, October 31st. Finally, Susquehanna Bancshares set a $69.00 price objective on Kellogg and gave the company a “hold” rating in a research report on Monday, February 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $73.47.

Kellogg declared that its board has authorized a share repurchase plan on Friday, December 15th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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Kellogg Company Profile

Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.

Earnings History for Kellogg (NYSE:K)

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