Retirement Systems of Alabama raised its stake in shares of Kellogg Co. (NYSE:K) by 42.2% during the second quarter, Holdings Channel reports. The institutional investor owned 182,526 shares of the company’s stock after buying an additional 54,123 shares during the period. Retirement Systems of Alabama’s holdings in Kellogg were worth $14,903,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of K. Trust Co. of Toledo NA OH boosted its stake in Kellogg by 0.5% in the second quarter. Trust Co. of Toledo NA OH now owns 5,869 shares of the company’s stock valued at $479,000 after buying an additional 28 shares during the period. 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 valued at $808,000 after buying an additional 81 shares during the period. 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 valued at $220,000 after buying an additional 100 shares during the period. Cullen Frost Bankers Inc. boosted its stake in Kellogg by 0.6% in the second quarter. Cullen Frost Bankers Inc. now owns 21,895 shares of the company’s stock valued at $1,788,000 after buying an additional 127 shares during the period. Finally, Advisor Partners LLC boosted its stake in Kellogg by 5.8% in the first quarter. Advisor Partners LLC now owns 3,022 shares of the company’s stock valued at $231,000 after buying an additional 166 shares during the period. 81.75% of the stock is owned by institutional investors.
Kellogg Co. (NYSE:K) traded up 0.27% during mid-day trading on Friday, reaching $77.47. 1,444,692 shares of the company were exchanged. Kellogg Co. has a 12 month low of $64.65 and a 12 month high of $87.16. The stock has a market capitalization of $27.13 billion, a P/E ratio of 44.32 and a beta of 0.45. The company’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 results on Thursday, August 4th. The company reported $0.91 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.91. Kellogg had a net margin of 4.71% and a return on equity of 56.33%. The company had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.37 billion. During the same period last year, the firm posted $0.92 EPS. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, equities analysts expect that Kellogg Co. will post $0.10 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a $0.52 dividend. This is an increase from Kellogg’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Tuesday, August 30th. Kellogg’s dividend payout ratio (DPR) is presently 119.54%.
Several research firms have recently issued reports on K. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $94.00 price objective on shares of Kellogg in a research report on Tuesday. Susquehanna reiterated a “hold” rating on shares of Kellogg in a research note on Wednesday, September 7th. Morgan Stanley reiterated a “hold” rating and set a $79.00 price target on shares of Kellogg in a research note on Thursday, September 1st. BMO Capital Markets reiterated a “market perform” rating and set a $85.00 price target on shares of Kellogg in a research note on Monday, August 8th. Finally, Deutsche Bank AG reiterated a “hold” rating on shares of Kellogg in a research note on Saturday, August 6th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the stock. Kellogg has a consensus rating of “Hold” and a consensus target price of $81.65.
In other Kellogg news, CFO Ronald L. Dissinger sold 6,000 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $83.71, for a total value of $502,260.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Maria Fernanda Mejia sold 35,175 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $83.01, for a total transaction of $2,919,876.75. Following the completion of the transaction, the insider now owns 35,111 shares of the company’s stock, valued at $2,914,564.11. The disclosure for this sale can be found here. 8.80% of the stock is currently owned by insiders.
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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