Kellogg (NYSE:K) posted its quarterly earnings results on Thursday. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96, Bloomberg Earnings reports. Kellogg had a net margin of 6.15% and a return on equity of 73.92%. The business had revenue of $3.21 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same quarter in the previous year, the business posted $0.92 EPS. The company’s quarterly revenue was up 3.6% compared to the same quarter last year.

Shares of Kellogg (NYSE:K) traded up $2.41 during trading on Thursday, reaching $66.62. 4,572,513 shares of the company’s stock were exchanged, compared to its average volume of 3,254,413. The company has a debt-to-equity ratio of 3.71, a current ratio of 0.68 and a quick ratio of 0.43. Kellogg has a twelve month low of $58.76 and a twelve month high of $76.69. The firm has a market cap of $22,780.00, a price-to-earnings ratio of 29.47, a price-to-earnings-growth ratio of 2.43 and a beta of 0.47.

K has been the subject of several recent analyst reports. Morgan Stanley reduced their price objective on shares of Kellogg from $70.00 to $66.00 and set an “equal weight” rating for the company in a research note on Friday, October 13th. Royal Bank of Canada set a $81.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Credit Suisse Group reduced their price objective on shares of Kellogg from $70.00 to $65.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. Susquehanna Bancshares set a $71.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Finally, Piper Jaffray Companies set a $72.00 price objective on shares of Kellogg and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $73.27.

Kellogg declared that its Board of Directors has initiated a share buyback plan on Friday, December 15th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In other news, major shareholder Kellogg W. K. Foundation Trust sold 44,515 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $65.11, for a total value of $2,898,371.65. Following the sale, the insider now directly owns 67,887,323 shares of the company’s stock, valued at approximately $4,420,143,600.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 78,606 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $65.14, for a total transaction of $5,120,394.84. The disclosure for this sale can be found here. Insiders have sold a total of 306,316 shares of company stock worth $20,381,841 in the last 90 days. 1.30% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in K. Dimensional Fund Advisors LP boosted its holdings in shares of Kellogg by 2.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 591,672 shares of the company’s stock valued at $41,095,000 after acquiring an additional 15,096 shares during the last quarter. Numeric Investors LLC boosted its holdings in Kellogg by 68.8% during the second quarter. Numeric Investors LLC now owns 5,400 shares of the company’s stock worth $375,000 after buying an additional 2,200 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Kellogg by 3.6% during the second quarter. HighTower Advisors LLC now owns 18,326 shares of the company’s stock worth $1,273,000 after buying an additional 637 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Kellogg by 2,619.1% during the second quarter. Janus Henderson Group PLC now owns 870,911 shares of the company’s stock worth $60,493,000 after buying an additional 838,882 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Kellogg by 10.8% during the second quarter. Cubist Systematic Strategies LLC now owns 10,603 shares of the company’s stock worth $736,000 after buying an additional 1,035 shares in the last quarter. 89.92% of the stock is currently owned by institutional investors and hedge funds.

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Kellogg Company Profile

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.

Earnings History for Kellogg (NYSE:K)

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