Brokerages Expect Kellogg (K) Will Announce Quarterly Sales of $3.31 Billion

Analysts forecast that Kellogg (NYSE:K) will announce $3.31 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have provided estimates for Kellogg’s earnings, with the lowest sales estimate coming in at $3.27 billion and the highest estimate coming in at $3.34 billion. Kellogg posted sales of $3.19 billion in the same quarter last year, which would indicate a positive year over year growth rate of 3.8%. The firm is expected to issue its next earnings results on Thursday, August 2nd.

On average, analysts expect that Kellogg will report full-year sales of $13.51 billion for the current financial year, with estimates ranging from $13.43 billion to $13.65 billion. For the next financial year, analysts anticipate that the business will post sales of $13.80 billion per share, with estimates ranging from $13.60 billion to $14.00 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Kellogg.

Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, May 3rd. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.30 billion. Kellogg had a net margin of 11.10% and a return on equity of 67.81%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 earnings per share.

K has been the subject of a number of research reports. Susquehanna Bancshares set a $65.00 target price on shares of Kellogg and gave the company a “hold” rating in a research report on Wednesday, May 9th. Credit Suisse Group boosted their target price on shares of Kellogg from $68.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, February 6th. Piper Jaffray Companies upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and set a $80.00 target price for the company in a research report on Wednesday, February 28th. Wells Fargo & Co restated a “hold” rating and set a $60.00 target price (down from $66.00) on shares of Kellogg in a research report on Monday, May 7th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a research report on Friday, April 6th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $70.53.

In other Kellogg news, CFO Fareed A. Khan acquired 8,080 shares of the company’s stock in a transaction that occurred on Tuesday, May 22nd. The stock was bought at an average price of $61.78 per share, with a total value of $499,182.40. Following the purchase, the chief financial officer now owns 8,080 shares in the company, valued at $499,182.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul T. Norman sold 167,497 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $68.86, for a total transaction of $11,533,843.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 811,596 shares of company stock valued at $53,600,834. 1.40% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the company. Covington Capital Management grew its stake in shares of Kellogg by 3,815.0% in the 4th quarter. Covington Capital Management now owns 3,915 shares of the company’s stock valued at $266,000 after buying an additional 3,815 shares during the period. Sun Life Financial INC lifted its holdings in shares of Kellogg by 73.4% in the 4th quarter. Sun Life Financial INC now owns 23,795 shares of the company’s stock worth $1,617,000 after acquiring an additional 10,069 shares during the last quarter. Koch Industries Inc. lifted its holdings in shares of Kellogg by 125.3% in the 4th quarter. Koch Industries Inc. now owns 13,200 shares of the company’s stock worth $897,000 after acquiring an additional 7,342 shares during the last quarter. Paloma Partners Management Co lifted its holdings in shares of Kellogg by 16.9% in the 4th quarter. Paloma Partners Management Co now owns 30,970 shares of the company’s stock worth $2,106,000 after acquiring an additional 4,473 shares during the last quarter. Finally, OLD Mutual Customised Solutions Proprietary Ltd. lifted its holdings in shares of Kellogg by 54.5% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 13,884 shares of the company’s stock worth $944,000 after acquiring an additional 4,900 shares during the last quarter. 88.87% of the stock is owned by institutional investors and hedge funds.

Shares of K traded up $1.72 during trading hours on Monday, reaching $65.23. 4,612,135 shares of the company traded hands, compared to its average volume of 3,207,702. The firm has a market capitalization of $22.03 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.94 and a beta of 0.47. The company has a debt-to-equity ratio of 3.09, a current ratio of 0.74 and a quick ratio of 0.47. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.28.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Stockholders of record on Friday, June 1st will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, May 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.31%. Kellogg’s dividend payout ratio is currently 53.47%.

Kellogg Company Profile

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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Earnings History and Estimates for Kellogg (NYSE:K)

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