Kellogg (NYSE:K) – Equities research analysts at Piper Jaffray Companies reduced their FY2018 EPS estimates for Kellogg in a research note issued to investors on Wednesday, October 31st. Piper Jaffray Companies analyst M. Lavery now forecasts that the company will post earnings of $4.30 per share for the year, down from their prior estimate of $4.50. Piper Jaffray Companies has a “Overweight” rating and a $74.00 price target on the stock. Piper Jaffray Companies also issued estimates for Kellogg’s Q1 2019 earnings at $1.10 EPS, Q2 2019 earnings at $1.07 EPS, Q3 2019 earnings at $1.17 EPS and FY2019 earnings at $4.40 EPS.
Kellogg (NYSE:K) last posted its quarterly earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.01). The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.43 billion. Kellogg had a net margin of 13.75% and a return on equity of 51.32%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.03 earnings per share.
K opened at $63.00 on Friday. The firm has a market capitalization of $21.84 billion, a P/E ratio of 15.59, a P/E/G ratio of 1.94 and a beta of 0.50. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.50 and a current ratio of 0.84. Kellogg has a 12-month low of $56.40 and a 12-month high of $74.98.
Institutional investors have recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA bought a new position in shares of Kellogg during the second quarter worth about $103,000. Integrated Investment Consultants LLC acquired a new stake in Kellogg in the second quarter worth about $110,000. Financial Architects Inc acquired a new stake in Kellogg in the third quarter worth about $111,000. CSat Investment Advisory L.P. acquired a new stake in Kellogg in the second quarter worth about $127,000. Finally, Fort L.P. acquired a new stake in Kellogg in the second quarter worth about $127,000. Institutional investors and hedge funds own 88.98% of the company’s stock.
In other news, major shareholder Kellogg W. K. Foundation Trust sold 205,000 shares of the company’s stock in a transaction dated Wednesday, October 10th. The shares were sold at an average price of $69.72, for a total transaction of $14,292,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Gary H. Pilnick sold 66,655 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $72.25, for a total transaction of $4,815,823.75. The disclosure for this sale can be found here. Insiders have sold 636,655 shares of company stock valued at $45,829,574 in the last 90 days. Insiders own 1.40% of the company’s stock.
The company 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 dividend of $0.56 per share. The ex-dividend date is Friday, November 30th. This represents a $2.24 annualized dividend and a dividend yield of 3.56%. Kellogg’s dividend payout ratio is currently 55.45%.
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.
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