Kellogg (NYSE:K) Expected to Announce Quarterly Sales of $3.39 Billion


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Analysts expect Kellogg (NYSE:K) to report sales of $3.39 billion for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Kellogg’s earnings, with the highest sales estimate coming in at $3.44 billion and the lowest estimate coming in at $3.35 billion. Kellogg posted sales of $3.41 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 0.6%. The company is expected to report its next earnings report on Thursday, April 29th.

On average, analysts expect that Kellogg will report full year sales of $13.65 billion for the current fiscal year, with estimates ranging from $13.52 billion to $13.88 billion. For the next year, analysts expect that the firm will report sales of $13.87 billion, with estimates ranging from $13.53 billion to $14.08 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Kellogg.

Kellogg (NYSE:K) last issued its earnings results on Wednesday, February 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.03). Kellogg had a return on equity of 41.23% and a net margin of 8.80%.

K has been the subject of several research analyst reports. Morgan Stanley lowered their price target on Kellogg from $64.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, February 12th. JPMorgan Chase & Co. dropped their price objective on shares of Kellogg from $67.00 to $58.00 in a research note on Tuesday, January 19th. Citigroup reduced their target price on shares of Kellogg from $75.00 to $72.00 in a report on Tuesday, February 16th. Piper Sandler downgraded Kellogg from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $76.00 to $66.00 in a research note on Tuesday, January 5th. Finally, Credit Suisse Group cut Kellogg from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $77.00 to $68.00 in a report on Monday, November 23rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $66.83.

Shares of Kellogg stock traded up $0.33 on Thursday, reaching $59.59. The company had a trading volume of 117,873 shares, compared to its average volume of 3,685,056. The firm has a market cap of $20.48 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 3.71 and a beta of 0.60. The company has a debt-to-equity ratio of 1.95, a current ratio of 0.79 and a quick ratio of 0.58. Kellogg has a 1 year low of $52.66 and a 1 year high of $72.88. The firm’s 50-day moving average price is $58.84 and its two-hundred day moving average price is $63.58.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 15th. Shareholders of record on Tuesday, March 9th will be paid a $0.57 dividend. The ex-dividend date is Monday, March 1st. This represents a $2.28 annualized dividend and a yield of 3.83%. Kellogg’s dividend payout ratio (DPR) is 57.87%.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 83,334 shares of the firm’s stock in a transaction that occurred on Monday, December 21st. The shares were sold at an average price of $60.94, for a total transaction of $5,078,373.96. In the last quarter, insiders sold 500,001 shares of company stock valued at $29,627,558. Company insiders own 1.10% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Investment Advisors LLC raised its position in shares of Kellogg by 0.7% during the 3rd quarter. Capital Investment Advisors LLC now owns 24,309 shares of the company’s stock valued at $1,570,000 after buying an additional 166 shares in the last quarter. IFP Advisors Inc raised its position in Kellogg by 2.3% in the 4th quarter. IFP Advisors Inc now owns 8,462 shares of the company’s stock worth $525,000 after purchasing an additional 187 shares during the period. Salem Investment Counselors Inc. increased its position in shares of Kellogg by 0.4% in the fourth quarter. Salem Investment Counselors Inc. now owns 50,328 shares of the company’s stock valued at $3,132,000 after acquiring an additional 190 shares during the period. Leelyn Smith LLC increased its position in shares of Kellogg by 1.0% in the third quarter. Leelyn Smith LLC now owns 19,735 shares of the company’s stock valued at $1,275,000 after acquiring an additional 196 shares during the period. Finally, NN Investment Partners Holdings N.V. increased its position in shares of Kellogg by 33.3% in the third quarter. NN Investment Partners Holdings N.V. now owns 800 shares of the company’s stock valued at $52,000 after acquiring an additional 200 shares during the period. 86.08% of the stock is owned by institutional investors.

Kellogg Company Profile

Kellogg Company, together with its subsidiaries, manufactures and markets ready-to-eat cereal 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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