$3.22 Billion in Sales Expected for Kellogg Company (K) This Quarter
Equities research analysts expect Kellogg Company (NYSE:K) to report $3.22 billion in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Kellogg’s earnings. The lowest sales estimate is $3.17 billion and the highest is $3.26 billion. Kellogg posted sales of $3.25 billion during the same quarter last year, which would indicate a negative year over year growth rate of 0.9%. The business is expected to announce its next earnings results on Tuesday, November 7th.
According to Zacks, analysts expect that Kellogg will report full year sales of $3.22 billion for the current year, with estimates ranging from $12.59 billion to $12.83 billion. For the next fiscal year, analysts expect that the firm will post sales of $12.72 billion per share, with estimates ranging from $12.51 billion to $12.95 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Kellogg.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. Kellogg had a net margin of 6.12% and a return on equity of 70.22%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue was down 2.5% on a year-over-year basis.
Several analysts have commented on the stock. Piper Jaffray Companies set a $78.00 target price on shares of Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. Royal Bank Of Canada dropped their target price on shares of Kellogg from $81.00 to $79.00 and set a “sector perform” rating on the stock in a report on Tuesday, August 1st. J P Morgan Chase & Co upgraded shares of Kellogg from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $76.00 to $78.00 in a report on Friday, August 4th. Zacks Investment Research downgraded shares of Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, Deutsche Bank AG restated a “hold” rating and set a $74.00 target price (up from $71.00) on shares of Kellogg in a report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $74.50.
Kellogg (K) opened at 68.32 on Friday. The company’s 50-day moving average is $68.39 and its 200-day moving average is $70.57. The stock has a market capitalization of $23.58 billion, a P/E ratio of 30.93 and a beta of 0.49. Kellogg has a 12 month low of $65.06 and a 12 month high of $78.69.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a $0.54 dividend. The ex-dividend date was Wednesday, August 30th. This is an increase from Kellogg’s previous quarterly dividend of $0.52. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.16%. Kellogg’s dividend payout ratio (DPR) is 97.74%.
Several hedge funds and other institutional investors have recently bought and sold shares of K. Washington Trust Bank raised its holdings in shares of Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after purchasing an additional 15 shares during the last quarter. Pathstone Family Office LLC acquired a new stake in shares of Kellogg in the first quarter valued at approximately $143,000. Exane Derivatives raised its holdings in shares of Kellogg by 24.2% in the second quarter. Exane Derivatives now owns 2,300 shares of the company’s stock valued at $160,000 after purchasing an additional 448 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after purchasing an additional 31 shares during the last quarter. Finally, CWM LLC raised its holdings in shares of Kellogg by 5.3% in the second quarter. CWM LLC now owns 2,343 shares of the company’s stock valued at $163,000 after purchasing an additional 117 shares during the last quarter. Institutional investors own 85.42% of the company’s stock.
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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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