Kellogg Company (K) Announces Quarterly Earnings Results, Beats Expectations By $0.11 EPS
Kellogg Company (NYSE:K) released its quarterly earnings data on Tuesday. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.94 by $0.11, Bloomberg Earnings reports. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same period last year, the company earned $0.96 EPS. Kellogg’s revenue for the quarter was up .6% on a year-over-year basis. Kellogg updated its FY17 guidance to $4.03-4.09 EPS.
Shares of Kellogg (NYSE K) traded up 5.648% on Tuesday, hitting $62.195. The company had a trading volume of 5,119,533 shares. The company has a market capitalization of $21.47 billion, a price-to-earnings ratio of 28.155 and a beta of 0.48. Kellogg has a 52 week low of $58.76 and a 52 week high of $78.37. The stock’s 50-day moving average is $63.20 and its 200 day moving average is $68.05.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, November 30th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.67%. Kellogg’s dividend payout ratio is currently 97.74%.
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K has been the subject of several research analyst reports. Piper Jaffray Companies downgraded Kellogg from an “overweight” rating to a “neutral” rating and set a $78.00 price objective for the company. in a report on Tuesday, September 19th. Royal Bank Of Canada set a $81.00 price objective on Kellogg and gave the stock a “hold” rating in a report on Wednesday, October 18th. Morgan Stanley reiterated an “equal weight” rating and issued a $69.00 price objective (down from $74.00) on shares of Kellogg in a report on Tuesday, July 18th. BMO Capital Markets reiterated a “hold” rating and issued a $78.00 price objective on shares of Kellogg in a report on Wednesday, September 6th. Finally, Credit Suisse Group reduced their price objective on Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a report on Friday, October 20th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $72.27.
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.
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