Zacks: Brokerages Anticipate Kellogg Company (K) Will Announce Quarterly Sales of $3.10 Billion

Equities research analysts expect Kellogg Company (NYSE:K) to report $3.10 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Kellogg’s earnings, with the lowest sales estimate coming in at $3.04 billion and the highest estimate coming in at $3.14 billion. Kellogg also posted sales of $3.10 billion during the same quarter last year. The business is expected to report its next earnings report on Thursday, February 8th.

On average, analysts expect that Kellogg will report full-year sales of $3.10 billion for the current fiscal year, with estimates ranging from $12.70 billion to $12.84 billion. For the next year, analysts forecast that the firm will report sales of $12.85 billion per share, with estimates ranging from $12.72 billion to $12.96 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Kellogg.

Kellogg (NYSE:K) last posted its quarterly earnings results on Tuesday, October 31st. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.11. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.22 billion. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 earnings per share.

A number of equities analysts have weighed in on K shares. Piper Jaffray Companies set a $78.00 price target on Kellogg and gave the stock a “buy” rating in a report on Monday, August 7th. Buckingham Research cut their price objective on Kellogg from $79.00 to $74.00 and set a “buy” rating for the company in a research report on Wednesday, November 1st. Argus upgraded Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research report on Wednesday, November 22nd. Morgan Stanley cut their price objective on Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research report on Friday, October 13th. Finally, BMO Capital Markets restated a “hold” rating and set a $78.00 target price on shares of Kellogg in a research report on Wednesday, September 6th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $71.15.

In other news, Chairman John A. Bryant sold 190,000 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $63.01, for a total value of $11,971,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald R. Knauss sold 6,846 shares of the firm’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $62.57, for a total value of $428,354.22. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at $312,850. The disclosure for this sale can be found here. Insiders sold 349,754 shares of company stock worth $22,304,119 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Capital Research Global Investors increased its stake in shares of Kellogg by 54.7% during the second quarter. Capital Research Global Investors now owns 24,031,728 shares of the company’s stock valued at $1,669,244,000 after purchasing an additional 8,495,714 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Kellogg by 94.3% during the second quarter. Lazard Asset Management LLC now owns 7,846,945 shares of the company’s stock valued at $545,047,000 after purchasing an additional 3,807,425 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Kellogg by 15,410.4% during the third quarter. Nordea Investment Management AB now owns 2,270,254 shares of the company’s stock valued at $141,596,000 after purchasing an additional 2,255,617 shares in the last quarter. HS Management Partners LLC bought a new position in shares of Kellogg during the third quarter valued at approximately $122,431,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Kellogg by 34.2% during the third quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after purchasing an additional 1,030,264 shares in the last quarter. 89.64% of the stock is owned by hedge funds and other institutional investors.

Kellogg (NYSE:K) opened at $66.16 on Friday. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43. Kellogg has a 52-week low of $58.76 and a 52-week high of $76.69. The firm has a market cap of $22,780.46, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 2.66 and a beta of 0.49.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.54 dividend. The ex-dividend date is Thursday, November 30th. This represents a $2.16 annualized dividend and a yield of 3.26%. Kellogg’s dividend payout ratio is 96.43%.

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About Kellogg

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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