Kellogg (NYSE:K) Announces Earnings Results

Kellogg (NYSE:KGet Rating) issued its earnings results on Thursday. The company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13, Briefing.com reports. Kellogg had a return on equity of 34.82% and a net margin of 10.81%. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the company posted $1.14 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Kellogg updated its FY22 guidance to $4.24 EPS and its FY 2022 guidance to $4.12-$4.12 EPS.

Kellogg Stock Performance

Kellogg stock traded up $1.22 during trading hours on Friday, hitting $75.04. The stock had a trading volume of 2,534,476 shares, compared to its average volume of 2,700,061. The company has a 50-day moving average of $70.98 and a two-hundred day moving average of $67.74. The company has a quick ratio of 0.39, a current ratio of 0.65 and a debt-to-equity ratio of 1.39. The company has a market cap of $25.35 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 4.77 and a beta of 0.43. Kellogg has a fifty-two week low of $59.54 and a fifty-two week high of $76.45.

Kellogg Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Wednesday, August 31st. This is a boost from Kellogg’s previous quarterly dividend of $0.58. Kellogg’s payout ratio is currently 51.67%.

Analyst Ratings Changes

Several analysts have recently issued reports on K shares. UBS Group downgraded Kellogg from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $81.00 to $74.00 in a research note on Thursday, July 7th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $67.00 price target (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $66.00 to $62.00 in a research note on Tuesday, May 3rd. Morgan Stanley upped their price target on Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 14th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Kellogg from $74.00 to $72.00 and set a “hold” rating for the company in a research note on Wednesday, June 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $70.90.

Insider Buying and Selling at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $70.76, for a total value of $10,341,786.28. Following the completion of the transaction, the insider now owns 57,024,144 shares of the company’s stock, valued at approximately $4,035,028,429.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 876,918 shares of company stock valued at $62,011,256 in the last quarter. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Kellogg

A number of hedge funds have recently modified their holdings of K. Vanguard Group Inc. raised its holdings in shares of Kellogg by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 29,353,099 shares of the company’s stock worth $1,892,981,000 after buying an additional 646,828 shares in the last quarter. State Street Corp grew its position in Kellogg by 2.6% during the 1st quarter. State Street Corp now owns 14,696,120 shares of the company’s stock worth $947,753,000 after acquiring an additional 369,620 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Kellogg by 8.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,185,275 shares of the company’s stock worth $269,909,000 after acquiring an additional 310,891 shares during the last quarter. Invesco Ltd. grew its position in Kellogg by 6.3% during the 1st quarter. Invesco Ltd. now owns 5,137,164 shares of the company’s stock worth $331,296,000 after acquiring an additional 302,388 shares during the last quarter. Finally, Bridgewater Associates LP grew its position in Kellogg by 41.4% during the 1st quarter. Bridgewater Associates LP now owns 814,622 shares of the company’s stock worth $52,535,000 after acquiring an additional 238,358 shares during the last quarter. 84.34% of the stock is owned by institutional investors and hedge funds.

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 for Kellogg (NYSE:K)

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