Wall Street brokerages forecast that Kellogg (NYSE:K) will post sales of $3.35 billion for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Kellogg’s earnings. The lowest sales estimate is $3.32 billion and the highest is $3.38 billion. Kellogg reported sales of $3.21 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 4.4%. The firm is scheduled to announce its next quarterly earnings results on Thursday, February 14th.

On average, analysts expect that Kellogg will report full year sales of $13.58 billion for the current financial year, with estimates ranging from $13.55 billion to $13.61 billion. For the next financial year, analysts expect that the company will post sales of $13.69 billion, with estimates ranging from $12.88 billion to $13.94 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Kellogg.

Kellogg (NYSE:K) last issued its earnings results on Wednesday, October 31st. The company reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01). Kellogg had a return on equity of 51.32% and a net margin of 13.75%. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis.

A number of research analysts recently commented on K shares. Buckingham Research decreased their price objective on Kellogg from $80.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, November 1st. Deutsche Bank set a $66.00 price objective on Kellogg and gave the company a “hold” rating in a report on Wednesday, November 14th. Credit Suisse Group decreased their price objective on Kellogg from $70.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, November 14th. ValuEngine upgraded Kellogg from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Finally, Citigroup decreased their price objective on Kellogg from $79.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. Kellogg has a consensus rating of “Hold” and an average price target of $70.22.

K opened at $60.84 on Monday. Kellogg has a one year low of $56.40 and a one year high of $74.98. The company has a market capitalization of $21.11 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 2.28 and a beta of 0.51. The company has a debt-to-equity ratio of 2.41, a quick ratio of 0.52 and a current ratio of 0.84.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date is Friday, November 30th. Kellogg’s payout ratio is 55.45%.

In related news, CFO Fareed A. Khan acquired 8,190 shares of the business’s stock in a transaction dated Tuesday, November 20th. The shares were acquired at an average price of $62.14 per share, with a total value of $508,926.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Kellogg W. K. Foundation Trust sold 215,000 shares of the company’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $74.61, for a total value of $16,041,150.00. The disclosure for this sale can be found here. In the last three months, insiders sold 600,000 shares of company stock worth $41,536,950. 1.40% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its stake in shares of Kellogg by 25.3% during the second quarter. Bank of New York Mellon Corp now owns 5,324,426 shares of the company’s stock worth $372,017,000 after purchasing an additional 1,076,748 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Kellogg during the second quarter worth $65,600,000. Millennium Management LLC grew its stake in shares of Kellogg by 61.8% during the second quarter. Millennium Management LLC now owns 2,418,179 shares of the company’s stock worth $168,958,000 after purchasing an additional 923,365 shares in the last quarter. Putnam Investments LLC grew its stake in shares of Kellogg by 25,701.7% during the second quarter. Putnam Investments LLC now owns 851,713 shares of the company’s stock worth $59,509,000 after purchasing an additional 848,412 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Kellogg by 70.2% during the third quarter. Morgan Stanley now owns 1,730,012 shares of the company’s stock worth $121,137,000 after purchasing an additional 713,311 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors and hedge funds.

About Kellogg

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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