Virginia Retirement Systems ET AL Invests $457,000 in Kellogg Co. (K)
Virginia Retirement Systems ET AL bought a new stake in Kellogg Co. (NYSE:K) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 5,600 shares of the company’s stock, valued at approximately $457,000.
A number of other large investors also recently bought and sold shares of K. Eaton Vance Management raised its position in shares of Kellogg by 2,099.5% in the second quarter. Eaton Vance Management now owns 1,922,884 shares of the company’s stock worth $157,003,000 after buying an additional 1,835,461 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Kellogg during the first quarter worth approximately $75,899,000. Emerald Acquisition Ltd. acquired a new position in shares of Kellogg during the second quarter worth approximately $79,755,000. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Kellogg by 162.3% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 911,789 shares of the company’s stock worth $74,448,000 after buying an additional 564,210 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of Kellogg during the second quarter worth approximately $40,021,000. Hedge funds and other institutional investors own 81.75% of the company’s stock.
Kellogg Co. (NYSE:K) opened at 75.97 on Friday. Kellogg Co. has a 52 week low of $64.65 and a 52 week high of $87.16. The stock’s 50 day moving average price is $79.56 and its 200 day moving average price is $78.69. The firm has a market cap of $26.61 billion, a price-to-earnings ratio of 43.46 and a beta of 0.47.
Kellogg (NYSE:K) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.91 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.91. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.37 billion. Kellogg had a return on equity of 56.33% and a net margin of 4.71%. Kellogg’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 EPS. On average, equities research analysts predict that Kellogg Co. will post $0.11 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Tuesday, August 30th. This is a positive change from Kellogg’s previous quarterly dividend of $0.50. Kellogg’s payout ratio is 119.54%.
A number of research analysts have recently commented on the company. Credit Suisse Group AG reiterated an “outperform” rating and set a $94.00 price target on shares of Kellogg in a report on Tuesday, August 30th. JPMorgan Chase & Co. boosted their price objective on Kellogg from $73.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, August 5th. BMO Capital Markets restated a “market perform” rating and set a $85.00 price objective on shares of Kellogg in a research report on Monday, August 8th. Deutsche Bank AG restated a “hold” rating on shares of Kellogg in a research report on Saturday, August 6th. Finally, RBC Capital Markets restated a “sector perform” rating and set a $86.00 price objective (up from $82.00) on shares of Kellogg in a research report on Friday, August 5th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company. Kellogg has a consensus rating of “Hold” and a consensus price target of $81.65.
In other news, insider Maria Fernanda Mejia sold 35,175 shares of the business’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $83.01, for a total value of $2,919,876.75. Following the transaction, the insider now directly owns 35,111 shares of the company’s stock, valued at approximately $2,914,564.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ronald L. Dissinger sold 6,000 shares of the business’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 disclosure for this sale can be found here. 8.80% of the stock is owned by company 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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