Kellogg (NYSE:K) announced its quarterly earnings results on Thursday. The company reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96, Bloomberg Earnings reports. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.10 billion. During the same period in the previous year, the firm posted $0.92 EPS. Kellogg’s revenue for the quarter was up 3.6% compared to the same quarter last year.
Kellogg (K) traded up $2.41 during mid-day trading on Thursday, hitting $66.62. 4,572,513 shares of the company were exchanged, compared to its average volume of 3,254,413. Kellogg has a 52-week low of $58.76 and a 52-week 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. The stock has a market cap of $22,780.00, a PE ratio of 29.47, a PEG ratio of 2.43 and a beta of 0.47.
A number of brokerages have commented on K. Susquehanna Bancshares set a $69.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Monday. Credit Suisse Group lifted their price objective on shares of Kellogg from $68.00 to $70.00 and gave the stock a “neutral” rating in a research note on Tuesday. Pivotal Research began coverage on shares of Kellogg in a research note on Monday. They issued a “buy” rating and a $80.00 price objective for the company. UBS Group dropped their price objective on shares of Kellogg from $72.00 to $67.00 and set a “neutral” rating for the company in a research note on Wednesday, November 1st. Finally, Piper Jaffray Companies set a $72.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. Kellogg currently has an average rating of “Hold” and a consensus target price of $73.27.
Institutional investors have recently added to or reduced their stakes in the business. Swiss National Bank boosted its position in Kellogg by 0.7% in the 3rd quarter. Swiss National Bank now owns 1,568,489 shares of the company’s stock valued at $97,827,000 after buying an additional 10,200 shares during the period. PGGM Investments raised its holdings in shares of Kellogg by 10.1% in the 3rd quarter. PGGM Investments now owns 687,693 shares of the company’s stock valued at $42,891,000 after purchasing an additional 62,915 shares in the last quarter. Toronto Dominion Bank raised its holdings in shares of Kellogg by 10.9% in the 3rd quarter. Toronto Dominion Bank now owns 142,516 shares of the company’s stock valued at $8,893,000 after purchasing an additional 14,013 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Kellogg in the 3rd quarter valued at about $4,238,000. Finally, Nationwide Fund Advisors raised its holdings in shares of Kellogg by 26.3% in the 3rd quarter. Nationwide Fund Advisors now owns 405,829 shares of the company’s stock valued at $25,312,000 after purchasing an additional 84,474 shares in the last quarter. 89.92% of the stock is owned by institutional investors.
Kellogg declared that its board has approved a share repurchase program on Friday, December 15th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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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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