Brokerages Anticipate Kellogg Company (K) Will Announce Quarterly Sales of $3.15 Billion
Brokerages expect Kellogg Company (NYSE:K) to post $3.15 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Kellogg’s earnings, with estimates ranging from $3.14 billion to $3.17 billion. Kellogg posted sales of $3.27 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 3.7%. The firm is expected to announce its next quarterly earnings results before the market opens on Thursday, August 3rd.
On average, analysts expect that Kellogg will report full-year sales of $3.15 billion for the current year, with estimates ranging from $12.57 billion to $12.72 billion. For the next fiscal year, analysts forecast that the firm will report sales of $12.66 billion per share, with estimates ranging from $12.46 billion to $12.93 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Kellogg.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, May 4th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.05. Kellogg had a return on equity of 67.99% and a net margin of 6.07%. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same quarter last year, the company posted $0.97 earnings per share. The business’s quarterly revenue was down 4.2% compared to the same quarter last year.
Several analysts recently commented on the stock. Susquehanna Bancshares Inc set a $78.00 target price on shares of Kellogg and gave the company a “hold” rating in a research note on Thursday, May 4th. Zacks Investment Research lowered shares of Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Credit Suisse Group cut their target price on shares of Kellogg from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Morgan Stanley reissued an “equal weight” rating and set a $69.00 target price (down from $74.00) on shares of Kellogg in a research note on Tuesday. Finally, BidaskClub lowered shares of Kellogg from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Kellogg currently has an average rating of “Hold” and an average target price of $77.82.
In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $74.08, for a total value of $1,852,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John T. Dillon sold 4,900 shares of the stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $71.87, for a total transaction of $352,163.00. The disclosure for this sale can be found here. Insiders sold a total of 99,900 shares of company stock worth $7,178,363 over the last quarter. 1.30% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in K. Vanguard Group Inc. increased its position in Kellogg by 6.6% in the first quarter. Vanguard Group Inc. now owns 20,273,984 shares of the company’s stock worth $1,472,094,000 after buying an additional 1,248,613 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Kellogg by 2,851.0% in the first quarter. BlackRock Inc. now owns 20,167,806 shares of the company’s stock worth $1,464,385,000 after buying an additional 19,484,390 shares during the period. State Street Corp boosted its stake in shares of Kellogg by 1.4% in the first quarter. State Street Corp now owns 11,534,453 shares of the company’s stock worth $837,528,000 after buying an additional 154,732 shares during the period. Lazard Asset Management LLC boosted its stake in shares of Kellogg by 2.5% in the first quarter. Lazard Asset Management LLC now owns 4,039,520 shares of the company’s stock worth $293,308,000 after buying an additional 97,233 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Kellogg by 73.4% in the first quarter. Renaissance Technologies LLC now owns 3,157,600 shares of the company’s stock worth $229,273,000 after buying an additional 1,336,400 shares during the period. 83.30% of the stock is owned by institutional investors.
Shares of Kellogg (NYSE:K) traded up 0.70% during midday trading on Friday, reaching $67.22. 1,456,022 shares of the company were exchanged. The company’s 50-day moving average price is $69.77 and its 200 day moving average price is $71.99. Kellogg has a 52-week low of $65.32 and a 52-week high of $84.28. The stock has a market capitalization of $23.55 billion, a price-to-earnings ratio of 30.42 and a beta of 0.50.
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.
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