Kellogg (NYSE:K) Updates FY 2022 Earnings Guidance

Kellogg (NYSE:KGet Rating) issued an update on its FY 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $4.08-$4.12 for the period, compared to the consensus earnings per share estimate of $4.06. The company issued revenue guidance of -.

K traded up $0.37 during trading hours on Monday, hitting $73.38. The stock had a trading volume of 28,483 shares, compared to its average volume of 2,600,338. The company’s fifty day simple moving average is $66.23 and its 200 day simple moving average is $64.80. Kellogg has a 1 year low of $59.54 and a 1 year high of $75.56. The stock has a market cap of $24.79 billion, a PE ratio of 16.26, a price-to-earnings-growth ratio of 4.71 and a beta of 0.48. The company has a quick ratio of 0.39, a current ratio of 0.65 and a debt-to-equity ratio of 1.39.

Kellogg (NYSE:KGet Rating) last posted its earnings results on Thursday, May 5th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The business had revenue of $3.67 billion during 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%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 EPS. As a group, equities analysts expect that Kellogg will post 4.09 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st will be issued a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Tuesday, May 31st. Kellogg’s payout ratio is presently 51.67%.

A number of research analysts have weighed in on the company. StockNews.com raised Kellogg from a hold rating to a buy rating in a report on Monday, May 9th. Piper Sandler lowered Kellogg from a neutral rating to an underweight rating and reduced their target price for the company from $66.00 to $62.00 in a report on Tuesday, May 3rd. Citigroup lifted their price target on Kellogg from $74.00 to $83.00 in a research report on Friday, May 6th. Deutsche Bank Aktiengesellschaft downgraded Kellogg from a buy rating to a hold rating and dropped their price target for the company from $74.00 to $73.00 in a research report on Monday, April 25th. Finally, BMO Capital Markets downgraded Kellogg from an outperform rating to a market perform rating and dropped their price target for the company from $75.00 to $70.00 in a research report on Monday, January 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $68.80.

In related news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $74.06, for a total value of $10,824,091.18. Following the completion of the sale, the insider now owns 57,754,909 shares in the company, valued at approximately $4,277,328,560.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gary H. Pilnick sold 14,506 shares of the business’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was sold at an average price of $66.53, for a total value of $965,084.18. The disclosure for this sale can be found here. Insiders sold a total of 914,942 shares of company stock valued at $60,805,193 in the last 90 days. 1.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in K. Heritage Wealth Advisors purchased a new position in shares of Kellogg during the fourth quarter valued at approximately $26,000. First Community Trust NA purchased a new position in shares of Kellogg during the fourth quarter valued at approximately $64,000. Federated Hermes Inc. purchased a new position in shares of Kellogg during the first quarter valued at approximately $98,000. Covestor Ltd grew its stake in Kellogg by 35.5% in the first quarter. Covestor Ltd now owns 1,984 shares of the company’s stock worth $128,000 after purchasing an additional 520 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Kellogg in the first quarter worth $212,000. Hedge funds and other institutional investors own 84.34% of the company’s stock.

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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Earnings History and Estimates for Kellogg (NYSE:K)

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