Kellogg Company (K) reported quarterly earnings results on Thursday, May-5-2016. The company said it had a profit of $0.97 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.03. Analysts had a consensus of $0.94. The company posted revenue of $3395.00 million in the period, compared to analysts expectations of $3466.55 million. The company’s revenue was down -4.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 EPS.
Many Wall Street Analysts have commented on Kellogg Company. Company shares were Reiterated by Credit Suisse on Apr 6, 2016 to “Outperform”, Firm has raised the Price Target to $ 86 from a previous price target of $82 .Kellogg Company was Upgraded by Goldman to ” Neutral” on Mar 16, 2016. Company shares were Reiterated by RBC Capital Mkts on Feb 12, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 78 from a previous price target of $74 .
Kellogg Company opened for trading at $76.55 and hit $77.35 on the upside on Wednesday, eventually ending the session at $77.02, with a gain of 0.22% or 0.17 points. The heightened volatility saw the trading volume jump to 30,60,165 shares. Company has a market cap of $26,977 M.
In a different news, on Nov 30, 2015, Ronald L Dissinger (Chief Financial Officer) sold 40,600 shares at $69.25 per share price. According to the SEC, on Nov 25, 2015, Paul T Norman (Senior Vice President) sold 44,145 shares at $68.58 per share price. On Sep 1, 2015, Ann Mclaughlin Korologos (director) sold 4,895 shares at $66.20 per share price, according to the Form-4 filing with the securities and exchange commission.
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Companys 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. The Companys cereal products are generally marketed under the Kelloggs name and are sold to the grocery trade through direct sales forces for resale to consumers. The Company also markets cookies crackers crisps and other convenience foods under brands such as Kelloggs Keebler Cheez-It Murray Austin and Famous Amos to supermarkets in the United States through a direct store-door (DSD) delivery system although other distribution methods are also used. The Company uses broker and distributor arrangements for certain products. It also uses similar arrangements in less-developed market areas or in those market areas outside of its focus.