Retirement Systems of Alabama Has $14,903,000 Position in Kellogg Co. (K)
Retirement Systems of Alabama increased its stake in shares of Kellogg Co. (NYSE:K) by 42.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 182,526 shares of the company’s stock after buying an additional 54,123 shares during the period. Retirement Systems of Alabama owned about 0.05% of Kellogg worth $14,903,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Shufro Rose & Co. LLC boosted its stake in Kellogg by 3.6% in the first quarter. Shufro Rose & Co. LLC now owns 2,880 shares of the company’s stock worth $220,000 after buying an additional 100 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its stake in Kellogg by 0.8% in the first quarter. Canandaigua National Bank & Trust Co. now owns 10,556 shares of the company’s stock worth $808,000 after buying an additional 81 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Kellogg during the first quarter worth approximately $115,000. Peapack Gladstone Financial Corp boosted its stake in Kellogg by 4.7% in the first quarter. Peapack Gladstone Financial Corp now owns 8,229 shares of the company’s stock worth $630,000 after buying an additional 370 shares in the last quarter. Finally, Tobam acquired a new stake in Kellogg during the first quarter worth approximately $141,000. Institutional investors own 81.75% of the company’s stock.
Shares of Kellogg Co. (NYSE:K) traded up 0.27% during trading on Friday, hitting $77.47. The stock had a trading volume of 1,444,692 shares. Kellogg Co. has a one year low of $64.65 and a one year high of $87.16. The stock has a market cap of $27.13 billion, a P/E ratio of 44.32 and a beta of 0.45. The stock’s 50 day moving average price is $80.31 and its 200-day moving average price is $78.68.
Kellogg (NYSE:K) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.91. The firm earned $3.27 billion during the quarter, compared to analysts’ expectations of $3.37 billion. Kellogg had a net margin of 4.71% and a return on equity of 56.33%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same quarter last year, the company posted $0.92 EPS. Analysts expect that Kellogg Co. will post $0.10 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.52 per share. The ex-dividend date was Tuesday, August 30th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from Kellogg’s previous quarterly dividend of $0.50. Kellogg’s dividend payout ratio (DPR) is presently 119.54%.
K has been the topic of several research reports. Citigroup Inc. reduced their target price on Kellogg from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, August 5th. Deutsche Bank AG lifted their target price on Kellogg from $74.00 to $78.00 and gave the stock a “hold” rating in a report on Friday, July 29th. JPMorgan Chase & Co. lifted their target price on Kellogg from $73.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Royal Bank Of Canada lifted their target price on Kellogg from $82.00 to $86.00 and gave the stock a “sector perform” rating in a report on Friday, August 5th. Finally, Morgan Stanley reaffirmed a “hold” rating and issued a $79.00 target price on shares of Kellogg in a report on Thursday, September 1st. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $81.65.
In other Kellogg news, Chairman John A. Bryant sold 259,500 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $83.41, for a total value of $21,644,895.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gary H. Pilnick sold 57,870 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $83.36, for a total transaction of $4,824,043.20. The disclosure for this sale can be found here. Corporate insiders own 8.80% of the company’s stock.
Kellogg Company Profile
Kellogg Company is a manufacturer and marketer of ready-to-eat cereal and convenience foods. The Company’s products include cookies, crackers, savory snacks, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles and veggie foods. Its segments include U.S. Morning Foods; U.S. Snacks; U.S.
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