Kellogg (K) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Kellogg (NYSE:K) announced its quarterly earnings results on Wednesday. The company reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01), Briefing.com reports. Kellogg had a net margin of 13.33% and a return on equity of 59.68%. The business had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the prior year, the firm earned $1.03 EPS. Kellogg’s revenue for the quarter was up 6.9% on a year-over-year basis. Kellogg updated its FY 2018 guidance to $4.32-4.36 EPS.

Shares of K stock traded down $1.48 during trading hours on Thursday, reaching $64.00. The company had a trading volume of 6,414,042 shares, compared to its average volume of 2,570,052. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.82 and a quick ratio of 0.50. The firm has a market capitalization of $24.91 billion, a PE ratio of 15.84, a price-to-earnings-growth ratio of 2.11 and a beta of 0.49. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.98.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Monday, December 3rd will be given a $0.56 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.50%. Kellogg’s dividend payout ratio (DPR) is presently 55.45%.

In other news, Vice Chairman Gary H. Pilnick sold 66,655 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $72.25, for a total value of $4,815,823.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $71.20, for a total value of $10,680,000.00. The disclosure for this sale can be found here. Insiders sold 636,655 shares of company stock valued at $45,829,574 over the last 90 days. Company insiders own 1.40% of the company’s stock.

Several equities research analysts have commented on the company. Zacks Investment Research lowered Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Credit Suisse Group boosted their price objective on Kellogg from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Thursday, August 9th. Wells Fargo & Co reiterated a “hold” rating and set a $67.00 price objective (up from $62.00) on shares of Kellogg in a research note on Sunday, August 5th. Buckingham Research boosted their price objective on Kellogg from $76.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, July 20th. Finally, Morgan Stanley assumed coverage on Kellogg in a research note on Monday, September 17th. They set an “equal weight” rating and a $75.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $71.65.

Kellogg Company Profile

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

Further Reading: NASDAQ

Earnings History for Kellogg (NYSE:K)

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