Zacks: Brokerages Anticipate Kellogg Company (K) Will Post Quarterly Sales of $3.15 Billion

Analysts expect that Kellogg Company (NYSE:K) will post $3.15 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Kellogg Company’s earnings. The lowest sales estimate is $3.14 billion and the highest is $3.16 billion. Kellogg Company reported sales of $3.27 billion during the same quarter last year, which would suggest a negative year over year growth rate of 3.7%. The business is expected to announce its next earnings report before the market opens on Thursday, August 3rd.

According to Zacks, analysts expect that Kellogg Company will report full-year sales of $3.15 billion for the current financial year, with estimates ranging from $12.57 billion to $12.72 billion. For the next financial year, analysts expect that the company will post sales of $12.62 billion per share, with estimates ranging from $12.40 billion to $12.93 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Kellogg Company.

Kellogg Company (NYSE:K) last issued its earnings results on Thursday, May 4th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.01 by $0.05. The company had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.28 billion. Kellogg Company had a net margin of 6.07% and a return on equity of 67.99%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.97 EPS.

A number of research analysts have recently commented on K shares. Sanford C. Bernstein lowered Kellogg Company from a “market perform” rating to an “underperform” rating in a report on Tuesday, March 21st. Susquehanna Bancshares Inc reissued a “neutral” rating and set a $80.00 price target (down from $82.00) on shares of Kellogg Company in a report on Tuesday, April 25th. Credit Suisse Group lowered their price target on Kellogg Company from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, May 5th. Zacks Investment Research lowered Kellogg Company from a “hold” rating to a “sell” rating in a report on Tuesday, May 9th. Finally, Piper Jaffray Companies started coverage on Kellogg Company in a report on Wednesday, May 24th. They set an “overweight” rating and a $78.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $79.40.

ILLEGAL ACTIVITY NOTICE: This report was originally posted by sleekmoney and is owned by of sleekmoney. If you are accessing this report on another website, it was illegally copied and reposted in violation of United States & international copyright and trademark law. The legal version of this report can be read at https://sleekmoney.com/zacks-brokerages-anticipate-kellogg-company-k-will-post-quarterly-sales-of-3-15-billion/1947342.html.

In other Kellogg Company news, Director James M. Jenness sold 70,000 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $71.06, for a total transaction of $4,974,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total value of $1,852,000.00. The disclosure for this sale can be found here. Insiders sold a total of 99,900 shares of company stock valued at $7,178,363 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Altfest L J & Co. Inc. raised its stake in shares of Kellogg Company by 0.5% in the first quarter. Altfest L J & Co. Inc. now owns 2,891 shares of the company’s stock worth $210,000 after buying an additional 14 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in shares of Kellogg Company by 0.3% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 6,813 shares of the company’s stock valued at $495,000 after buying an additional 21 shares in the last quarter. Whittier Trust Co. raised its stake in shares of Kellogg Company by 1.0% in the first quarter. Whittier Trust Co. now owns 3,085 shares of the company’s stock valued at $224,000 after buying an additional 31 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in shares of Kellogg Company by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after buying an additional 31 shares in the last quarter. Finally, Alpha Windward LLC raised its stake in shares of Kellogg Company by 1.5% in the first quarter. Alpha Windward LLC now owns 2,564 shares of the company’s stock valued at $186,000 after buying an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Shares of Kellogg Company (NYSE:K) traded up 0.27% during midday trading on Friday, hitting $69.53. 2,100,840 shares of the company’s stock traded hands. The company has a 50 day moving average of $71.70 and a 200 day moving average of $72.80. Kellogg Company has a 52 week low of $68.67 and a 52 week high of $87.16. The stock has a market cap of $24.35 billion, a P/E ratio of 31.46 and a beta of 0.49.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, June 1st were given a $0.52 dividend. The ex-dividend date was Tuesday, May 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.99%. Kellogg Company’s dividend payout ratio (DPR) is 94.55%.

About Kellogg Company

Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods.

Get a free copy of the Zacks research report on Kellogg Company (K)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Kellogg Company (NYSE:K)

This story was originally published by sleekmoney (https://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://sleekmoney.com/zacks-brokerages-anticipate-kellogg-company-k-will-post-quarterly-sales-of-3-15-billion/1947342.html

Receive News & Ratings for Kellogg Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kellogg Company and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *