Kellogg (NYSE:K) Releases Quarterly Earnings Results, Beats Estimates By $0.13 EPS

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

Kellogg Price Performance

Shares of K traded up $1.22 during mid-day trading on Friday, hitting $75.04. The company’s stock had a trading volume of 2,534,476 shares, compared to its average volume of 2,700,061. The company has a current ratio of 0.65, a quick ratio of 0.39 and a debt-to-equity ratio of 1.39. The firm has a 50-day simple moving average of $70.98 and a 200 day simple moving average of $67.74. The firm has a market capitalization of $25.35 billion, a P/E ratio of 16.71, a P/E/G ratio of 4.77 and a beta of 0.43. Kellogg has a 1-year low of $59.54 and a 1-year high of $76.45.

Kellogg Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.59 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Wednesday, August 31st. Kellogg’s dividend payout ratio (DPR) is 51.67%.

Insider Activity

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the business’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $66.92, for a total value of $9,780,558.76. Following the completion of the transaction, the insider now directly owns 57,608,756 shares of the company’s stock, valued at $3,855,177,951.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 876,918 shares of company stock valued at $62,011,256 in the last three months. 1.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Kellogg

Several institutional investors and hedge funds have recently modified their holdings of K. International Assets Investment Management LLC lifted its stake in shares of Kellogg by 0.3% in the first quarter. International Assets Investment Management LLC now owns 51,858 shares of the company’s stock worth $170,000 after acquiring an additional 159 shares in the last quarter. Moors & Cabot Inc. grew its holdings in Kellogg by 1.7% in the 1st quarter. Moors & Cabot Inc. now owns 10,272 shares of the company’s stock worth $662,000 after buying an additional 169 shares in the last quarter. Covestor Ltd grew its holdings in Kellogg by 35.5% in the 1st quarter. Covestor Ltd now owns 1,984 shares of the company’s stock worth $128,000 after buying an additional 520 shares in the last quarter. Federated Hermes Inc. bought a new position in Kellogg in the 1st quarter worth approximately $98,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Kellogg by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,232 shares of the company’s stock valued at $2,208,000 after purchasing an additional 2,119 shares in the last quarter. Hedge funds and other institutional investors own 84.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Morgan Stanley upped their price target on shares of Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a report on Thursday, July 14th. JPMorgan Chase & Co. restated an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. StockNews.com raised shares of Kellogg from a “hold” rating to a “buy” rating in a report on Monday, May 9th. Credit Suisse Group raised their target price on shares of Kellogg from $62.00 to $69.00 in a report on Monday, May 9th. Finally, Piper Sandler downgraded Kellogg from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $66.00 to $62.00 in a research report on Tuesday, May 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $70.90.

About Kellogg

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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.

See Also

Earnings History for Kellogg (NYSE:K)

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