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

Kellogg (NYSE:KGet Rating) posted its earnings results on Thursday. The company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.13, Briefing.com reports. The business had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Kellogg had a net margin of 10.21% and a return on equity of 33.77%. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 EPS. Kellogg updated its FY22 guidance to $4.24 EPS and its FY 2022 guidance to $4.12-$4.12 EPS.

Kellogg Stock Performance

NYSE:K traded up $1.22 during midday trading on Friday, reaching $75.04. The stock had a trading volume of 2,550,529 shares, compared to its average volume of 2,382,826. The firm has a fifty day simple moving average of $70.98 and a two-hundred day simple moving average of $67.74. Kellogg has a 12-month low of $59.54 and a 12-month high of $76.45. The company has a quick ratio of 0.39, a current ratio of 0.70 and a debt-to-equity ratio of 1.28. The stock has a market cap of $25.35 billion, a P/E ratio of 17.33, a P/E/G ratio of 4.73 and a beta of 0.43.

Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.14%. Kellogg’s dividend payout ratio (DPR) is 53.58%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on K. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Kellogg from $74.00 to $72.00 and set a “hold” rating on the stock in a research note on Wednesday, June 22nd. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $67.00 price target (up previously from $64.00) on shares of Kellogg in a research note on Wednesday, June 22nd. Piper Sandler cut shares of 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 target price on shares of Kellogg from $69.00 to $72.00 and gave the company an “equal weight” rating in a research report on Thursday, July 14th. Finally, StockNews.com raised shares of Kellogg from a “hold” rating to a “buy” rating in a research report on Monday, May 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $70.90.

Insider Activity at Kellogg

In other news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of the stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $66.92, for a total value of $9,780,558.76. Following the sale, the insider now directly owns 57,608,756 shares in the company, valued at $3,855,177,951.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 876,918 shares of company stock worth $62,011,256 in the last three months. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Kellogg

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC lifted its holdings in shares of Kellogg by 27.3% during the first quarter. Neuberger Berman Group LLC now owns 527,402 shares of the company’s stock valued at $34,020,000 after acquiring an additional 113,016 shares during the period. Sawtooth Solutions LLC bought a new position in shares of Kellogg during the first quarter valued at $326,000. Toroso Investments LLC raised its holdings in shares of Kellogg by 161.2% in the first quarter. Toroso Investments LLC now owns 10,240 shares of the company’s stock valued at $660,000 after buying an additional 6,320 shares during the last quarter. Range Financial Group LLC bought a new position in shares of Kellogg in the first quarter valued at about $476,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of Kellogg by 35.1% in the 1st quarter. Advisors Asset Management Inc. now owns 25,129 shares of the company’s stock valued at $1,621,000 after purchasing an additional 6,535 shares during the last quarter. Institutional investors and hedge funds own 84.34% of the company’s stock.

Kellogg Company Profile

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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.

Further Reading

Earnings History for Kellogg (NYSE:K)

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