Kellogg Company (K) Releases FY14 Earnings Guidance
Kellogg Company (NYSE:K) issued an update on its FY14 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.91-3.99 for the period, compared to the Thomson Reuters consensus estimate of $3.99, StockRatingsNetwork.com reports.
Shares of Kellogg Company (NYSE:K) opened at 63.73 on Thursday. Kellogg Company has a 52-week low of $55.69 and a 52-week high of $69.50. The stock’s 50-day moving average is $66.08 and its 200-day moving average is $64.09. The company has a market cap of $22.882 billion and a P/E ratio of 12.23.
Kellogg Company (NYSE:K) last posted its quarterly earnings results on Thursday, July 31st. The company reported $1.02 EPS for the quarter, missing the Thomson Reuters consensus estimate of $1.03 by $0.01. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the company posted $1.00 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. Analysts expect that Kellogg Company will post $3.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, August 28th. This is an increase from Kellogg Company’s previous quarterly dividend of $0.46.
A number of research firms have recently commented on K. Analysts at Goldman Sachs downgraded shares of Kellogg Company from a neutral rating to a sell rating in a research note on Tuesday, July 15th. They now have a $59.00 price target on the stock, down previously from $64.00. On a related note, analysts at Nomura raised their price target on shares of Kellogg Company from $70.00 to $71.00 in a research note on Monday, July 14th. Finally, analysts at Zacks reiterated a neutral rating on shares of Kellogg Company in a research note on Friday, June 20th. They now have a $70.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $64.00.
In other Kellogg Company news, major shareholder Kellogg W. K. Foundation Trust unloaded 1,162 shares of the stock on the open market in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $66.50, for a total transaction of $77,273.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
Kellogg Company (NYSE:K) is engaged in the manufacture and marketing of ready-to-eat cereal and convenience foods.
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