Zacks: Analysts Anticipate Kellogg Company (K) Will Post Quarterly Sales of $3.21 Billion
Wall Street analysts expect Kellogg Company (NYSE:K) to announce sales of $3.21 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Kellogg’s earnings. The highest sales estimate is $3.26 billion and the lowest is $3.13 billion. Kellogg posted sales of $3.25 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 1.2%. The firm is expected to report its next earnings report before the market opens on Tuesday, October 31st.
On average, analysts expect that Kellogg will report full-year sales of $3.21 billion for the current fiscal year, with estimates ranging from $12.61 billion to $12.83 billion. For the next fiscal year, analysts anticipate that the business will post sales of $12.73 billion per share, with estimates ranging from $12.47 billion to $12.95 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that follow Kellogg.
Kellogg (NYSE:K) last posted its earnings results on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.05. The business had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.16 billion. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS.
A number of equities analysts have recently commented on K shares. Zacks Investment Research cut Kellogg from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies set a $78.00 target price on Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 target price on shares of Kellogg in a report on Wednesday, September 6th. Bank of America Corporation reiterated an “underperform” rating and issued a $66.00 target price (down previously from $72.00) on shares of Kellogg in a report on Monday, October 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $69.00 target price (down previously from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. Kellogg presently has an average rating of “Hold” and a consensus price target of $72.55.
Hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP raised its position in shares of Kellogg by 26.8% in the 3rd quarter. First Trust Advisors LP now owns 351,555 shares of the company’s stock worth $21,926,000 after acquiring an additional 74,210 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Kellogg by 20.3% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 8,432 shares of the company’s stock worth $526,000 after acquiring an additional 1,420 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Kellogg by 26.3% in the 3rd quarter. Nationwide Fund Advisors now owns 405,829 shares of the company’s stock worth $25,312,000 after acquiring an additional 84,474 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of Kellogg by 3.9% in the 3rd quarter. LS Investment Advisors LLC now owns 27,602 shares of the company’s stock worth $1,722,000 after acquiring an additional 1,032 shares in the last quarter. Finally, PGGM Investments raised its position in shares of Kellogg by 10.1% in the 3rd quarter. PGGM Investments now owns 687,693 shares of the company’s stock worth $42,891,000 after acquiring an additional 62,915 shares in the last quarter. 85.45% of the stock is owned by institutional investors and hedge funds.
Shares of Kellogg (K) traded down 0.31% on Tuesday, hitting $61.29. The stock had a trading volume of 1,880,081 shares. Kellogg has a 52 week low of $60.96 and a 52 week high of $78.37. The firm has a 50-day moving average price of $64.12 and a 200-day moving average price of $68.48. The stock has a market capitalization of $21.15 billion, a P/E ratio of 27.75 and a beta of 0.48.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Thursday, November 30th. Kellogg’s dividend payout ratio (DPR) is presently 97.74%.
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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