Retirement Systems of Alabama Purchases 71 Shares of Kellogg Company (K)
Retirement Systems of Alabama boosted its stake in shares of Kellogg Company (NYSE:K) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 122,280 shares of the company’s stock after buying an additional 71 shares during the period. Retirement Systems of Alabama’s holdings in Kellogg were worth $8,494,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Washington Trust Bank boosted its position in Kellogg by 0.8% in the second quarter. Washington Trust Bank now owns 1,780 shares of the company’s stock valued at $124,000 after buying an additional 15 shares during the period. Exane Derivatives boosted its position in Kellogg by 312.5% in the first quarter. Exane Derivatives now owns 1,852 shares of the company’s stock valued at $134,000 after buying an additional 1,403 shares during the period. Pathstone Family Office LLC acquired a new position in Kellogg during the first quarter valued at approximately $143,000. Security National Trust Co. boosted its position in Kellogg by 7.2% in the first quarter. Security National Trust Co. now owns 2,066 shares of the company’s stock valued at $150,000 after buying an additional 139 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted its position in Kellogg by 1.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,218 shares of the company’s stock valued at $161,000 after buying an additional 31 shares during the period. 83.53% of the stock is owned by institutional investors.
Kellogg Company (NYSE:K) opened at 68.81 on Friday. The company’s 50-day moving average price is $67.90 and its 200 day moving average price is $71.54. Kellogg Company has a 52 week low of $65.32 and a 52 week high of $83.83. The company has a market capitalization of $23.75 billion, a PE ratio of 31.15 and a beta of 0.50.
Kellogg (NYSE:K) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.97 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.05. Kellogg had a return on equity of 70.22% and a net margin of 6.12%. The company had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter last year, the firm earned $0.91 EPS. Kellogg’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, equities research analysts anticipate that Kellogg Company will post $3.98 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Wednesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.52. Kellogg’s dividend payout ratio (DPR) is presently 94.12%.
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Several equities analysts have recently commented on K shares. BidaskClub cut Kellogg from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Zacks Investment Research cut Kellogg from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Sanford C. Bernstein set a $62.00 target price on Kellogg and gave the company a “sell” rating in a research note on Tuesday, June 27th. Morgan Stanley reiterated an “equal weight” rating and set a $69.00 target price (down from $74.00) on shares of Kellogg in a research note on Tuesday, July 18th. Finally, Susquehanna Bancshares Inc reiterated a “neutral” rating and set a $80.00 target price (down from $82.00) on shares of Kellogg in a research note on Tuesday, April 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Kellogg has a consensus rating of “Hold” and a consensus target price of $74.50.
In other news, Director John T. Dillon sold 4,900 shares of Kellogg stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $71.87, for a total transaction of $352,163.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Kellogg W. K. Foundation Trust sold 25,000 shares of Kellogg stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $74.08, for a total value of $1,852,000.00. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by company insiders.
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.
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