Analysts Anticipate Kellogg (NYSE:K) Will Announce Quarterly Sales of $3.59 Billion

Brokerages forecast that Kellogg (NYSE:K – Get Rating) will report $3.59 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Kellogg’s earnings, with the highest sales estimate coming in at $3.65 billion and the lowest estimate coming in at $3.53 billion. Kellogg reported sales of $3.56 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 0.8%. The firm is scheduled to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Kellogg will report full year sales of $14.51 billion for the current fiscal year, with estimates ranging from $14.34 billion to $14.62 billion. For the next fiscal year, analysts anticipate that the company will post sales of $14.79 billion, with estimates ranging from $14.58 billion to $14.95 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Kellogg.

Kellogg (NYSE:K – Get Rating) last released its earnings results on Thursday, May 5th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.59 billion. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. Kellogg’s revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 earnings per share.

Several research firms have weighed in on K. JPMorgan Chase & Co. cut Kellogg from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $64.00 to $57.00 in a research note on Friday, February 11th. Piper Sandler lowered Kellogg from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $66.00 to $62.00 in a report on Tuesday, May 3rd. BMO Capital Markets lowered Kellogg from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $75.00 to $70.00 in a report on Monday, January 31st. Morgan Stanley reduced their price target on Kellogg from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Wednesday, April 13th. Finally, UBS Group assumed coverage on Kellogg in a report on Wednesday, March 30th. They set a “buy” rating and a $73.00 price target for the company. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.27.

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,163 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $66.08, for a total value of $9,658,451.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Amit Banati sold 11,054 shares of the business’s stock in a transaction dated Wednesday, February 23rd. The shares were sold at an average price of $66.53, for a total transaction of $735,422.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 768,789 shares of company stock worth $49,981,102. 1.40% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vident Investment Advisory LLC increased its stake in Kellogg by 13.4% in the third quarter. Vident Investment Advisory LLC now owns 38,012 shares of the company’s stock valued at $2,429,000 after purchasing an additional 4,477 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Kellogg by 172.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 126,169 shares of the company’s stock worth $8,065,000 after acquiring an additional 79,887 shares in the last quarter. Jump Financial LLC increased its position in shares of Kellogg by 337.9% during the third quarter. Jump Financial LLC now owns 34,744 shares of the company’s stock worth $2,221,000 after acquiring an additional 26,809 shares in the last quarter. Hexagon Capital Partners LLC increased its position in shares of Kellogg by 22.0% during the fourth quarter. Hexagon Capital Partners LLC now owns 2,341 shares of the company’s stock worth $151,000 after acquiring an additional 422 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its position in shares of Kellogg by 1.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 227,511 shares of the company’s stock worth $14,656,000 after acquiring an additional 3,136 shares in the last quarter. 84.34% of the stock is owned by institutional investors and hedge funds.

Shares of K opened at $72.73 on Monday. The business’s 50-day moving average price is $65.36 and its 200 day moving average price is $64.40. The stock has a market capitalization of $24.74 billion, a P/E ratio of 16.20, a P/E/G ratio of 4.60 and a beta of 0.48. Kellogg has a 1-year low of $59.54 and a 1-year high of $73.30. The company has a current ratio of 0.65, a quick ratio of 0.38 and a debt-to-equity ratio of 1.39.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st will be given a dividend of $0.58 per share. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $2.32 annualized dividend and a dividend yield of 3.19%. Kellogg’s dividend payout ratio (DPR) is currently 51.67%.

About Kellogg (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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