Kellogg (K) Expected to Announce Quarterly Sales of $3.11 Billion

Brokerages predict that Kellogg (NYSE:K) will report $3.11 billion in sales for the current quarter, according to Zacks. Five analysts have made estimates for Kellogg’s earnings, with the highest sales estimate coming in at $3.16 billion and the lowest estimate coming in at $3.05 billion. Kellogg posted sales of $3.10 billion during the same quarter last year, which suggests a positive year over year growth rate of 0.3%. The firm is expected to issue its next quarterly earnings report before the market opens on Thursday, February 8th.

According to Zacks, analysts expect that Kellogg will report full year sales of $3.11 billion for the current fiscal year, with estimates ranging from $12.70 billion to $12.87 billion. For the next year, analysts anticipate that the company will report sales of $12.87 billion per share, with estimates ranging from $12.72 billion to $13.01 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Kellogg.

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

Several analysts recently commented on K shares. Royal Bank of Canada set a $81.00 target price on Kellogg and gave the stock a “hold” rating in a report on Wednesday, October 18th. Credit Suisse Group dropped their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Argus raised Kellogg from a “hold” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Wednesday, November 22nd. Buckingham Research dropped their price objective on Kellogg from $79.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, November 1st. Finally, Citigroup raised their price objective on Kellogg from $86.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $72.57.

Kellogg (NYSE:K) traded up $0.12 during trading on Monday, reaching $66.74. The company had a trading volume of 555,726 shares, compared to its average volume of 3,070,000. The firm has a market capitalization of $23,030.00, a price-to-earnings ratio of 29.79, a price-to-earnings-growth ratio of 2.52 and a beta of 0.52. Kellogg has a 12-month low of $58.76 and a 12-month high of $76.69. The company has a debt-to-equity ratio of 3.71, a quick ratio of 0.43 and a current ratio of 0.68.

Kellogg declared that its Board of Directors has approved a share buyback program on Friday, December 15th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of Kellogg stock in a transaction on Monday, November 27th. The stock was sold at an average price of $65.14, for a total value of $5,120,394.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steven A. Cahillane bought 15,930 shares of Kellogg stock in a transaction on Thursday, November 2nd. The stock was acquired at an average price of $62.70 per share, for a total transaction of $998,811.00. Following the transaction, the chief executive officer now directly owns 15,930 shares of the company’s stock, valued at $998,811. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 349,754 shares of company stock worth $22,304,119. 1.30% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the business. Capital Research Global Investors raised its position in Kellogg by 54.7% in 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 during the period. Vanguard Group Inc. raised its holdings in shares of Kellogg by 0.3% in the 2nd quarter. Vanguard Group Inc. now owns 20,330,268 shares of the company’s stock valued at $1,412,139,000 after buying an additional 56,284 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Kellogg by 34.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,038,523 shares of the company’s stock valued at $251,883,000 after buying an additional 1,030,264 shares during the period. American Century Companies Inc. raised its holdings in shares of Kellogg by 36.7% in the 3rd quarter. American Century Companies Inc. now owns 3,056,142 shares of the company’s stock valued at $190,612,000 after buying an additional 820,277 shares during the period. Finally, Schroder Investment Management Group raised its holdings in shares of Kellogg by 45.2% in the 3rd quarter. Schroder Investment Management Group now owns 2,270,604 shares of the company’s stock valued at $142,617,000 after buying an additional 706,963 shares during the period. Institutional investors own 89.82% of the company’s stock.

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Kellogg Company Profile

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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