Zacks: Analysts Expect Kellogg (NYSE:K) Will Announce Quarterly Sales of $3.56 Billion

Brokerages expect Kellogg (NYSE:KGet Rating) to announce $3.56 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Kellogg’s earnings, with estimates ranging from $3.50 billion to $3.64 billion. Kellogg reported sales of $3.58 billion in the same quarter last year, which indicates a negative year over year growth rate of 0.6%. The business is scheduled to issue its next earnings results on Monday, January 1st.

On average, analysts expect that Kellogg will report full-year sales of $14.40 billion for the current fiscal year, with estimates ranging from $14.33 billion to $14.51 billion. For the next year, analysts expect that the business will post sales of $14.67 billion, with estimates ranging from $14.46 billion to $14.95 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Kellogg.

Kellogg (NYSE:KGet Rating) last posted its quarterly earnings results on Thursday, February 10th. The company reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.04. Kellogg had a net margin of 10.49% and a return on equity of 36.15%. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.39 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis.

Several research analysts have weighed in on the stock. Bank of America downgraded shares of Kellogg from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $76.00 to $70.00 in a research report on Wednesday, January 5th. BMO Capital Markets downgraded shares of Kellogg from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $75.00 to $70.00 in a report on Monday, January 31st. UBS Group assumed coverage on Kellogg in a report on Wednesday, March 30th. They set a “buy” rating and a $73.00 price target on the stock. JPMorgan Chase & Co. downgraded Kellogg from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $64.00 to $57.00 in a research report on Friday, February 11th. Finally, Morgan Stanley lowered their price objective on Kellogg from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $67.11.

Shares of K stock opened at $67.62 on Tuesday. The company has a current ratio of 0.64, a quick ratio of 0.38 and a debt-to-equity ratio of 1.49. Kellogg has a 12-month low of $59.54 and a 12-month high of $68.60. The stock has a market capitalization of $23.00 billion, a P/E ratio of 15.62, a P/E/G ratio of 4.41 and a beta of 0.56. The firm’s 50 day moving average is $64.16 and its 200 day moving average is $63.77.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 15th. Shareholders of record on Tuesday, March 1st were paid a dividend of $0.58 per share. The ex-dividend date was Monday, February 28th. This represents a $2.32 annualized dividend and a yield of 3.43%. Kellogg’s payout ratio is currently 53.58%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,163 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $66.08, for a total transaction of $9,658,451.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Amit Banati sold 11,054 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The shares were sold at an average price of $66.53, for a total value of $735,422.62. The disclosure for this sale can be found here. Insiders have sold 622,636 shares of company stock worth $39,984,237 over the last three months. 1.40% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in K. HS Management Partners LLC purchased a new stake in Kellogg during the third quarter worth $117,268,000. Nordea Investment Management AB lifted its holdings in Kellogg by 96.2% during the third quarter. Nordea Investment Management AB now owns 3,739,415 shares of the company’s stock worth $243,585,000 after buying an additional 1,833,448 shares during the period. Norges Bank purchased a new stake in Kellogg during the fourth quarter worth $82,762,000. Allspring Global Investments Holdings LLC purchased a new stake in Kellogg during the fourth quarter worth $74,159,000. Finally, BlackRock Inc. lifted its holdings in Kellogg by 2.6% during the third quarter. BlackRock Inc. now owns 25,209,977 shares of the company’s stock worth $1,611,421,000 after buying an additional 631,466 shares during the period. 83.69% of the stock is currently owned by institutional investors.

Kellogg Company Profile (Get Rating)

Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Earnings History and Estimates for Kellogg (NYSE:K)

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