$3.18 Billion in Sales Expected for Kellogg (NYSE:K) This Quarter

Analysts forecast that Kellogg (NYSE:K) will announce $3.18 billion in sales for the current quarter, Zacks reports. Three analysts have made estimates for Kellogg’s earnings, with the lowest sales estimate coming in at $3.16 billion and the highest estimate coming in at $3.21 billion. Kellogg reported sales of $3.32 billion during the same quarter last year, which would suggest a negative year over year growth rate of 4.2%. The firm is expected to issue its next quarterly earnings results on Thursday, February 6th.

According to Zacks, analysts expect that Kellogg will report full year sales of $13.54 billion for the current fiscal year, with estimates ranging from $13.51 billion to $13.57 billion. For the next fiscal year, analysts forecast that the firm will report sales of $13.23 billion, with estimates ranging from $13.19 billion to $13.29 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Kellogg.

Kellogg (NYSE:K) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.12. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $3.35 billion. Kellogg had a return on equity of 42.47% and a net margin of 5.35%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.06 earnings per share.

Several brokerages recently issued reports on K. Barclays cut Kellogg to an “equal weight” rating in a research report on Tuesday, October 15th. Goldman Sachs Group raised Kellogg from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $58.00 to $72.00 in a research note on Friday, September 6th. Zacks Investment Research cut Kellogg from a “buy” rating to a “hold” rating and set a $68.00 price objective on the stock. in a research note on Tuesday, October 1st. Credit Suisse Group set a $60.00 price objective on Kellogg and gave the stock a “hold” rating in a research note on Tuesday, September 10th. Finally, Evercore ISI initiated coverage on Kellogg in a research note on Thursday, October 24th. They set an “in-line” rating and a $67.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $64.13.

NYSE K opened at $66.25 on Wednesday. The company has a market cap of $22.56 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 2.84 and a beta of 0.52. Kellogg has a 52 week low of $51.34 and a 52 week high of $66.87. The business has a 50 day moving average price of $64.47 and a 200-day moving average price of $60.88. The company has a quick ratio of 0.52, a current ratio of 0.80 and a debt-to-equity ratio of 2.45.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.57 per share. The ex-dividend date is Friday, November 29th. This represents a $2.28 annualized dividend and a dividend yield of 3.44%. Kellogg’s dividend payout ratio (DPR) is presently 52.66%.

In related news, SVP Alistair D. Hirst sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $63.88, for a total value of $159,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $62.31, for a total value of $6,231,000.00. The disclosure for this sale can be found here. Insiders have sold 625,291 shares of company stock valued at $40,024,106 in the last 90 days. Company insiders own 0.09% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quest Capital Management Inc. ADV purchased a new position in Kellogg in the 3rd quarter valued at approximately $26,000. Coastal Investment Advisors Inc. grew its holdings in shares of Kellogg by 117.4% during the second quarter. Coastal Investment Advisors Inc. now owns 563 shares of the company’s stock worth $30,000 after buying an additional 304 shares in the last quarter. AGF Investments LLC grew its holdings in shares of Kellogg by 39.4% during the second quarter. AGF Investments LLC now owns 828 shares of the company’s stock worth $44,000 after buying an additional 234 shares in the last quarter. Financial Architects Inc grew its holdings in shares of Kellogg by 40.0% during the third quarter. Financial Architects Inc now owns 700 shares of the company’s stock worth $45,000 after buying an additional 200 shares in the last quarter. Finally, WealthStone Inc. bought a new position in shares of Kellogg during the second quarter worth about $48,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.

About Kellogg

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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