Stock Update (NYSE:K): Kellogg Company Announces Early Tender Results and Upsizing of its Debt Tender Offer

[PR Newswire] – BATTLE CREEK, Mich., March 10, 2016 /PRNewswire/ — Kellogg Company ( NYSE:K ) (the “Company”) announced today the early tender results of its previously announced tender offer (the “Tender Offer”) to purchase for cash its 7.45% Debentures due 2031 (the “Debentures”) and increased the Maximum Tender Amount of the Tender Offer from $440,000,000 to $474,821,000. Except for such increase in the Maximum Tender Amount, all other terms and conditions of the Tender Offer remain unchanged. The principal amount of the Debentures that were validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on March 9, 2016 (the “Early Tender Date”) and the principal amount of the Debentures that will be accepted for purchase by the Company on the Early Settlement Date (as defined below) are specified in the table below. As a result of the increase in the Maximum Tender Amount, all Debentures validly tendered and not validly withdrawn prior to the Early Tender Date will be accepted for purchase by the Company, without proration, subject to the other terms and conditions of the Tender Offer. Read more on this. Kellogg Company (K) , valued at $26.68B, opened this morning at $75.20. During the trading session, K traded between $75.08 to $75.56 and has traded between $61.13 and $76.24 over the past year. K shares are currently priced at 20.32x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 19.38x earnings multiple. The company pays shareholders $2.00 per share in dividend income per year, for a current yield of 2.66%. According to a consensus of 17 analysts, the earnings estimate of $0.94 per share would be $0.04 worse than the year-ago quarter and a $0.05 sequential decrease. The full-year EPS estimate is $3.70, which would be a $0.17 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $3.47 Billion. If realized, that would be a 2.25% decrease over the year-ago quarter. More recently, Credit Agricole upgraded K from Underperform to Outperform (Jan 8, 2016). Previously, Credit Suisse upgraded K from Neutral to Outperform. With the above information in mind, readers should note that the average price target is $76.00, which is 1.06% above where the stock opened this morning. See more in (NYSE:K) Similar Articles: Stock Update: Kellogg Company (NYSE:K) – Kellogg Company to Webcast Presentation at 2016 CAGNY Conference Company Update: Citigroup Inc (NYSE:C) – Citigroup Announces Upsizing and Early Tender Results of Offers to Purchase Specified Series of Outstanding Notes Stock Update: Kellogg Company (NYSE:K) – Kellogg Company kicks-off holiday season with delightful new and traditional products